Gold is completing its 3rd down week in a row off from 1161 down to its current level of 1081. This is also Gold's 8th weekly down session in the past 9 weeks since reaching a record high of 1226.50. The metal has run into critical support this week at 1075. This 1075 was the low in December and now in January. The technical picture is Bearish with risk for a break lower to 1018, the 38.2% Fibo of our 682.50 to 1226.50 up move. Stop losses on short Gold positions will be seen above 1105. Now support for the gold MCX is seen at 16175 and below could see a test of 16151. Resistance is now likely to be seen at 16237, a move above could see prices testing 16275.

Trading Ideas:

Gold trading range is 16000-16450.

Gold completed its 3rd down week in a row off from 1161$ to 1081$.

Gold is taking support at 16156 and resistance at 16244.

SPDR gold trust holding remained steady at 1111.92 tonnes for whole week.

SELL GOLD APR @ 16290-16300 SL 16360 TGT 16252-16220-16190.MCX