Gold yesterday moved rapidly in both the direction gold we have seen dipping down from 16372 to 16163 on mcx and again closed higher from near a three-month low, as a declining dollar fueled demand. The metal had slumped as much as 1.4 percent yesterday after the Fed signaled higher interest rates as the U. S. economy recovers. Gold opened on its highs at 16372, selling flooded the market as the session started and was well offered all morning but market quickly tumbled to an intraday low of 16163. Later some support carried higher on the back of stronger oil prices and a softening USD and it traded quietly as the day unwound and closed at 16277. now technically market is trading in the range as RSI for 18days is currently indicating 40.11, where as 50DMA is at 16715.6 and gold is trading below the same and getting support at 16169 and below could see a test of 16062 level, And resistance is now likely to be seen at 16378, a move above could see prices testing 16480.

Trading Ideas:

Gold trading range is 16280-16336.

Gold had slumped as much as 1.4% after the Fed signaled higher interest rates as the U. S. economy recovers.

Overall gold look bearish for support 1022$ as a declining dollar fueled demand.

Overall gold below 16432 look to take support at 16100 & 15860 for this week

SELL GOLD APR @ 16360-380 SL 16434 TGT 16322-16290-16242-16190.MCX

GOLD / SILVER RATIO IS AT 69.84. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 0