Gold pared its loss faring better than other metals as it retains some safe-haven luster. Investors used several intraday retreats as buying opportunities. Gold opened at 18023, as investors continued to punish Germany for banning naked short selling, by dumping commodities and equities. As stocks continued to get battered, gold recuperated on safe-haven bids that re-entered the market, and eventually attained a high of 18258. Gold sunk yet again following a stomach-churning drop in crude oil prices before recovering to close the day at 18158.Now support for the gold MCX is seen at 17998 and below could see a test of 17838. Resistance is now likely to be seen at 18288, a move above could see prices testing 18418.

Trading Ideas:

Trading Ideas:

Gold trading range is 17838-18418.

Gold bounce as investors judged the metal's recent selloff as overdone

In domestic market prices are also supported from the re weakness and likely to hold its gain.

In spot gold looks to have a support at 1164$ and resistance is at 1192$

BUY GOLD JUNE @ 18020 SL 17970 TGT 18065-18100-18165.MCX