Gold recovered some of its losses as positive U.S. economic data boosted investors' appetite for riskier holdings like commodities and equities while at the same time fueling some buying of the metal as an inflation hedge. Now technically market is trading in the range as RSI for 18days is currently indicating 48.24, where as 50DMA is at 16656 and gold is trading below the same and getting support at 16435 and below could see a test of 16369 level, And resistance is now likely to be seen at 16570, a move above could see prices testing 16639.

Trading Ideas:

Gold trading range is 16369-16639.

Gold recovered some of its losses as positive U.S economic data boosted investors' appetite

Support for the gold is at 16460 and resistance is at 16546.

We are keenly waiting for the outcome of today’s FOMC Meeting

GOLD / SILVER RATIO IS AT 62.76. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1116

SELL GOLD JUN @ 16500-520 SL 16556 TGT 16470-16445-16412.MCX