Gold settled flat after recovering some of its losses on Friday as the mood for risk appetite was helped somewhat by a jobs report that was soft but better than the market was expecting. Now technically market is trading in the range as RSI for 18days is currently indicating 55.21, where as 50DMA is at 16667 and gold is trading above the same and getting support at 16889 and below could see a test of 16872 level, And resistance is now likely to be seen at 16918, a move above could see prices testing 16930. 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 73 - 79.

Trading Ideas:

Gold trading range is 16872-16930.

Gold yesterday recovered some of  its losses on investment demand for the metal

Support for the gold is at 16860 and resistance is at 16948 level

SPDR gold holding trust rose by 0.61 tonnes to 1116.12 tonnes

BUY GOLD APR @ 16880-910 SL 16852 TGT 16934-16956-16982-17022.MCX