Gold falls as dollar rise prompts profit taking: Gold ended lower as investors unwound positions added this week due to euro rally and currency volatility amid a Greek debt crisis. Gold opened at 17006 and ticked marginally higher on the back of short covering in front of US economic data, peaking at 17055. Jobless claims fell near expectation and the dollar advanced causing gold to retreat. The correction was persistent, pushing the metal to an intraday low of 16873. Good investor demand carried the metal from its lows, finding resistance near 16980 and it later settled at 16956. Now support for the gold MCX is seen at 16868 and below could see a test of 16779. Resistance is now likely to be seen at 17050, a move above could see prices testing 17143.

Trading Ideas:

Gold trading range is 16779-17143.

Gold yesterday fell as rise in dollar prompted profit taking

Support for the gold is at 16880 and resistance is at 17010 level

In spot gold is taking support at 1124$ and resistance is at 1138$.

BUY GOLD APR @ 16930-16950 SL 16870 TGT 16985-17012-17040.MCX