Gold rose defying a sharply stronger dollar, as investors piled into the metal as a safe haven after Standard & Poor's downgraded sovereign credit ratings of Portugal and Greece. Now technically market is trading in the range as RSI for 18days is currently indicating 58.71, where as 50DMA is at 16689 and gold is trading above the same and getting support at 16792 and below could see a test of 16647 level, And resistance is now likely to be seen at 17016, a move above could see prices testing 17095.

Trading Ideas:

Gold trading range is 16647-17095.

Gold rose yesterday defying a sharply stronger dollar

Support for the gold is at 16880 and resistance is at 16970.

In spot support for the gold is at 1158$ and resistance is at 1174$.

DUE TO UNCERTAINITY IN CURRENCY MARKET GOLD CAN HOLD WITH SUPPORT.