Gold has gained more than 2.5% in a week marked by Thursday's stunning freefall in U.S. stocks, deadly riots in Greece and continued unease over European financial institutions' exposure to euro-zone sovereign debt. Gold is registering its third up week in a row at current 1209$. The 100% retracement target to record high 1226.50$ remains the focus. The weekly price action is very interesting starting with the move off 1045. The pattern is "wavey" with legs from 1045 to 1145$ to 1085$ to 1169$ to 1124$ and now up to current 1209. By that count we are in a wave 5 so we would expect good selling of Gold at former record high 1226.50$. Now support for the gold MCX is seen at 17909 and below could see a test of 17886. Resistance is now likely to be seen at 17957, a move above could see prices testing 17982.

Trading Ideas:

Gold trading range is 17886-17982.

Gold has shown a positive week marked by Thursday's stunning freefall in U.S. stocks

Support for the gold is seen at 17880 and resistance is at 17970.

In spot gold looks to have a support at 1200$ and resistance is at 1215$

SELL GOLD JUNE BELOW 17900 SL 17934 TGT 17870-17852-17810.MCX