Gold ended nearly 1 percent higher as investors bought the metal as a hedge against sovereign credit risk and economic uncertainties. Gold opened on its low at 16697 on MCX. The metal rose to an intraday high of 17140 on Dollar weakness and continued safe haven interest. Sideways trading in late session saw the metal close at 17125. Now support for the gold MCX is seen at 17035 and below could see a test of 16944. Resistance is now likely to be seen at 17178, a move above could see prices testing 17230.

Trading Ideas:

Gold trading range is 16944-17230.

Gold ended higher as investors bought the metal as a hedge against sovereign credit risk

Support for the gold is seen at 17070 and resistance is at 17160.

In spot support for the gold is seen at 1166$ and resistance is at 1194$.

BUY GOLD JUNE @ 17000-17040 SL 16970 TGT 17082-17112-17140.MCX