Safe haven buying related to euro-zone debt worries supported bullion prices, a stronger dollar exerted downward pressure. Gold is closing as an up week at 1155$ compared to last Fridays 1138$. The metal has stayed within the 1123$ to 1169$ range for the past three weeks. The close above 1145$ is constructive for a test back toward 1169. The market would like to see a break higher to record 1226$ but we would need a firm close above 1170$ to activate fresh buying interest. The market will sell on a close below multiple week low of 1123$. Now support for the gold MCX is seen at 16785 and below could see a test of 16765. Resistance is now likely to be seen at 16825, a move above could see prices testing 16845.

Trading Ideas:

Gold trading range is 16765-16845.

Gold ended higher supported by safe haven buying related to euro-zone debt worries

Support for the gold is at 16760 and resistance is at 18840.

In spot gold looks to have resistance at 1165$ and support at 1152$.

BUY GOLD JUN @ 16800 SL 16770 TGT 16822-16850-16872.MCX