Gold closed the week near its lows at 1102$. Despite last weeks bullish close above 1131$ the metal was not able to extend the up move. Gold may get pressure this week as speculation that governments could pare economic stimulus measures dampens demand for the metal, a survey showed. China’s inflation reached a 16-month high and industrial production rose the most in more than five years, data showed yesterday. Bullion climbed 24 percent last year as central banks maintained low interest rates and spent trillions to stimulate economies. The metal reached a two-week low yesterday on speculation that demand will slow as the Greek financial crisis eases. Now support for the gold MCX is seen at 16440 and below could see a test of 16429. Resistance is now likely to be seen at 16461, a move above could see prices testing 16471.

Trading Ideas:

Gold trading range is 16429-16471.

Gold closed the week 1102 despite last weeks bullish metal was not able to extend up move.

Support for the gold is at 16410 and resistance is at 16520 level

In spot gold is having support at 1096$ and resistance at 1108$.

SELL GOLD APR @ 16525-550 SL 16592 TGT 16502-16574-16538-15502.MCX