Gold eased as some investors sold to book profits and exit positions, particularly as some of the worries about European debt issues might have abated at least slightly on ideas that cash-strapped Greece will eventually get the financial-aid package that it is seeking. Gold opened on MCX at 17075. Range trading for most of the day after Initial jobless claims came in on expectations. Gold traded down to an intraday low of 16930 on a stronger Dollar. Gains in the equities market saw the metal trade to a high of 17077. Quiet trading in late session saw Gold close at 16975.Now support for the gold MCX is seen at 16911 and below could see a test of 16847. Resistance is now likely to be seen at 17058, a move above could see prices testing 17141.

Trading Ideas:

Gold trading range is 16847-17141.

Gold eased as investors sold to book profits and exit positions

Support for the gold is seen at 16930 and resistance is at 17020.

SPDR gold ETF holdings gained by 12.17 tonnes to 1159 tonnes

BUY GOLD @ 17020-17030 SL 16980 TGT 17056-17080-17120. MCX