Gold prices steadied near $1,100 per ounce on today's morning as bullion benefited from investor risk aversion on worries about Greece's fiscal crisis, but trading was subdued with many Asian players out for the Chinese new year. Gold yesterday opened at 16509 and climbed marginally higher before good selling flooded the market. It retreated to an intraday low 16473, however this move quickly reversed as the dollar weakened and equity markets took back lost ground. Persistent buying carried the metal to a high of 16627. Light selling as the session unwound pulled it from its highs, finally settling at 16605.now technically market is trading in the range as RSI for 18days is currently indicating 50.74, where as 50DMA is at 16671.42 and gold is trading below the same and getting support at 16510 and below could see a test of 16414 level, And resistance is now likely to be seen at 16664, a move above could see prices testing 16722.

Trading Ideas:

Gold trading range is 16414-16722.

Gold prices steadied as bullion benefited from investor risk aversion on worries about Greece's fiscal crisis.

Market participants in Asia remained thin as many markets in the region were closed for the Lunar New Year holiday.

Rupee firmness will be seen in today’s session creating pressure on bullion on mcx.

BUY GOLD APR @ 16590-610 SL 16556 TGT 16634-16655-16690-16722.MCX

GOLD / SILVER RATIO IS AT 70.45. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1099.5