Gold ended down on profit booking but recovered some part of its losses as the dollar’s slide enhanced the appeal of the metal as an alternative investment, and signs of a global economic recovery boosted demand for commodities. Gold opened on MCX at 16826. With a 1.6% increase in retail sales and CPI meeting expectations of a 0.1% rise, Gold traded up to an intraday high of 16877. Profit taking took the metal to an intraday low of 16755. As the dollar weakened, Gold traded upwards to close at 16796. Now support for the gold MCX is seen at 16742 and below could see a test of 16687. Resistance is now likely to be seen at 16864, a move above could see prices testing 16931.

Trading Ideas:

Gold trading range is 16687-16931.

Gold ended down on profit booking but recovered some part of its losses as the dollar’s slide

Support for the gold is at 16740 and in spot support is at 1144$

Kazakhstan gold output increased by 0.2% on the year to 2.219 tons.

BUY GOLD JUN @ 16760-775 SL 16735 TGT 16800-16822-16860.MCX (EVE WEAK)