Precious metals ended slightly lower as investors booked profits on the back of better than expected U. S. Consumer Confidence Index data.

MCX gold also slid but the downside was capped by further depreciation in Rupee. Gold and Silver prices fell by 0.11% and 0.47% respectively on MCX.

The dollar edged up against the yen on Tuesday after data showed improvement in U. S. consumer confidence, while worries about Germany's economy and banks knocked the euro off last week's 4-½ month high.

Gold is expected to trade sideways to down during the day as the improvement in risk appetite may lead to more profit booking in Gold. In addition, any appreciation in rupee may add to the pressure on the Gold prices. So we recommend remaining cautious in Gold and one can sell at any rise.

Gold prices moved up during the previous session but closed lower. But prices are maintaining above 14500 levels for past three trading session. Thus, gold can remain positive above 14500 targeting 14770-800 levels. However, breaching this level in downside can trigger southward movement in Gold for the day.

Silver prices have seen a two-way movement in the previous session. Silver prices are taking resistance at 22880 levels for past three session. Thus buying can be done only above 22800, targeting 23000- 23100 levels as resistance is expected at this level. Prices have resisted this level for fourth time, thus acting as strong resistance.