Gold ended flat but a partial recovery of the euro against the dollar amid better risk appetite limited further losses. Now technically market is trading in the range as RSI for 18days is currently indicating 55.55, where as 50DMA is at 16659 and gold is trading above the same and getting support at 16674 and below could see a test of 16553 level, And resistance is now likely to be seen at 16883, a move above could see prices testing 16971. Spread between Gold APR & JUN contacts yesterday ended at 78, we have seen yesterday that the gold market had traded with a positive node and settled 0.04% up. Spread yesterday traded in the range of 74 - 111.

Trading Ideas:

Gold trading range is 16553-16971.

Gold ended flat yesterday as dollar cuts gains vs euro

Gold is taking support at 16740 and resistance is at 16836 level.

India normally imports 700-800 metric tons gold a year

SELL GOLD APR @ 16850-16870 SL 16922 TGT 16828-16794-16760.MCX