Gold slipped on market caution ahead of release of U.S. jobs data, as well as chart-based resistance. The stronger dollar which was boosted by concerns over Greek finances and a smaller-than-expected decline in U.S. private payrolls data--also pressured gold. Gold opened at 16720 on MCX. Investor demand carried the metal higher as the trading day began, climbing to 16815. It later turned offered as the dollar took ground from other major currencies. Support was found near 16650 and it managed to rally, however as equity markets softened gold followed. The metal dipped to a low of 16601 during the tail end of the day and finally closed at 16647. Now support for the gold MCX is seen at 16560 and below could see a test of 16474. Resistance is now likely to be seen at 16774, a move above could see prices testing 16902.

Trading Ideas:

Gold trading range is 16200-16850.

Gold slipped on market caution ahead of release of U.S. jobs data

Gold is taking support at 1100$ again and getting resistance at 1112$ below 1100$ look till 1092$.

SPDR Gold Trust holdings fell by 1.58 tonnes to 1110.34 tonnes

BUY GOLD @ 16600-615 SL 16565 TGT 16634-16658-16684. MCX