Gold settled higher as fears about Greek debt and wider euro zone finances lifted the metal as an alternative currency. Gold opened on MCX at 16556 dipping to an intraday low of 16560 in early session trading. We recovered as safe haven interest once again lifted the metals to fresh all time highs in EUR terms. Light stops were triggered as we traded through the 16700, eventually taking us to an intraday high of 16798. Range trading late in the session took Gold to a close of 16788. Now support for the gold MCX is seen at 16633 and below could see a test of 16477. Resistance is now likely to be seen at 16871, a move above could see prices testing 16953.

Trading Ideas:

Gold trading range is 16477-16953.

Gold settled higher on fears about Greek debt and wider euro zone finances

Support for the gold is at 16730 on MCX and in spot support is at 1140$.

Spdr gold trust holdings rose by 0.92 tonnes to 1130.74 tonnes.

BUY GOLD JUN @ 16650-680 SL 16600 TGT 16712-16740-16790.MCX (CORRECTION IS DUE)