Gold ended 1 percent lower as technical selling and lower risk sentiment prompted bullion investors to lock in profits after last week's rally. Gold opened 16890 and made a high of t 11893 and traded quietly within a range as investors moved to the sidelines. A stronger USD and weaker oil prices inspired good selling in front of the London fix, finding support near 16720. This level could not hold as profit taking continued to wash out longs, pulling gold to an intraday low of 16681. It recovered near the latter end of the session and finally settled at 16740. Now support for the gold MCX is seen at 16649 and below could see a test of 16559. Resistance is now likely to be seen at 16861, a move above could see prices testing 16983.

Trading Ideas:

Gold trading range is 16559-16983.

Gold ended lower as technical selling and lower risk sentiment prompted investors to book profits

Support for the gold is at 16680 and resistance is at 16790 level

In spot gold is having support at 1116$ and resistance is at 1128$

SELL GOLD APR @ 16750-770 SL 16811 TGT 16716-16680-16634.MCX