Gold pulled back as concerns about euro zone sovereign debt pressured
interest in riskier assets. Gold opened on MCX at 16719 and made a high
of 16744. Concerns on Moody’s ratings cut from A3 to A2 on Greek debt
and an unexpectedly higher Greek deficit soon saw a flight out of risk,
strengthening the Dollar and taking the metal to an intraday low of
16575. Good buying in late session as equities recovered saw Gold close
at 16671. Now support for the gold MCX is seen at 16583 and below could
see a test of 16494. Resistance is now likely to be seen at 16752, a
move above could see prices testing 16832.  

Trading Ideas:

Gold trading range is 16494-16832.

Gold ended lower as euro dropped on Greece debt woes

Support for the gold is at 16630 and resistance is at 16720.

In spot gold looks to have resistance at 1148$ and support at 1132$.

BUY GOLD JUNE @ 16620-640 SL 16580 TGT 16685-16725.MCX

GOLD / SILVER RATIO IS AT 63.47. YESTERDAY GOLD FIX $ HAS CLOSED LOWER
AT : 1144.25