Gold is showing unchanged on the weekly chart at current 1113. The metal traded in an eventful 1095 to 1142 range trying to shake off the impact of the two week decline off record high 1226.50. A large multi month trend line support comes in at 1088. A break of the trend should find support quickly at 1070 which was our previous high in October.

Risk remains to the down side in Gold. Now support for the gold MCX is seen at 16944 and below could see a test of 16918. Resistance is now likely to be seen at 16993, a move above could see prices testing 17016.

Trading Ideas:

GOLD TRADING RANGE IS 16700-17200.

GOLD BECAME A SAFE-HAVEN PLAY AFTER THE IRAN/IRAQ NEWS SPREAD

NOW IMP SUPPORT WILL 16920 AND RESIST WILL BE 17040.

GOLD SPDR TRUST HOLDINGS ROSE BY 6.10 TONNES AND SETTLED AT 1126.61 TONNES.

BUY GOLD FEB @ 16990-17020 SL 16945 TGT 17065-17100-17156-17221. MCX