Gold traded near a one-week high as Asian stocks gained after higher U.S. consumer spending and improving confidence in Europe bolstered optimism that the global economy is on course for a recovery. Now technically market is trading in the range as RSI for 18days is currently indicating 43.65, where as 50DMA is at 16578 and gold is trading below the same and getting support at 16284 and below could see a test of 16250 level, And resistance is now likely to be seen at 16379, a move above could see prices testing 16440. Spread between Gold APR & JUN contracts yesterday ended at 76, we have seen yesterday that the gold market had traded with a negative node and settled -0.43% down. Spread yesterday traded in the range of 76 - 162.

Trading Ideas:

Gold trading range is 16361-16409.

China gold demand may double within decade - WGC

Support for the gold is at 16260 on MCX and in spot at 1102$

Spdr gold trust holdings rose by 5.17 tonnes to 1129.82 tonnes

BUY GOLD APR @ 16260-280 SL 16210 TGT 16311-16346-16380.MCX