Gold ended lower as options-related selling and investors' need for cash due to an equity markets sell-off dragged the market off record highs hit during the session. COMEX open interest rose to all-time high on May 13 as traders piled in when bullion rose to record highs on safe-haven demand this week. Now technically market is trading in the range as RSI for 18days is currently indicating 68.59, where as 50DMA is at 16937.86 and gold is trading above the same and getting support at 18144 and below could see a test of 18124 level, And resistance is now likely to be seen at 18190, a move above could see prices testing 18216.

Trading Ideas:

Gold trading range is 18124-18216.

Gold ended lower as options-related selling and investors' need for cash for equity

Support for the gold is seen at 18120 and resistance is at 18200.

Spdr gold trust holding rose by 4.56 tonnes to 1214.06 tonnes

BUY GOLD JUNE ABV 18200 SL 18160 TGT 18234-18270-18310.MCX