Gold settled slightly lower on Thursday, in a volatile session marked by investors' growing appetite for bullion, choppy action in the currency markets, and the International Monetary Fund's plan to sell gold to the open market. But before that we have seen on MCX gold opened at 16701 light selling took the metal marginally lower as the session started, reaching 16527. Worse than expected jobless claims caused the dollar to retreat and gold quickly rallied, finding resistance near 16690. Stronger oil and equity markets inspired more buying, carrying the metal to an intraday high of 11845. And finally profit taking dragged it from its highs but managed to stay buoyant near 16775. now technically market is trading in the range as RSI for 18days is currently indicating 56.84, where as 50DMA is at 16670.48 and gold is trading above the same and getting support at 16586 and below could see a test of 16398 level, And resistance is now likely to be seen at 16904, a move above could see prices testing 17034.

Trading Ideas:

Gold trading range is 16594-16784.

Gold settled lower in international, in a volatile session action in the currency markets

Gold may fall on a firm dollar and on the IMF’s decision to begin selling bullion on the open market,

Gold again today in the afternoon session can bounce till 1110$ before the fall in the evening session.

SELL GOLD MAR BELOW 16720 SL 16774 TGT 16672-16638-16590. MCX

GOLD / SILVER RATIO IS AT 69.7. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 0