Gold continued their risk-fueled bounce as concerns about Greek sovereign debt eased and the U.S. dollar faltered. Gold opened at 16605 and traded quietly within a range as the session started, slipping to an intraday low of 16562. However oil prices went on the offensive, equities rallied and the dollar retreated which helped gold trend higher. Shorts were squeezed out of the market as gold peaked at 16789. The metal could not climb above the pivotal 16800 level, but traded within striking distance for the remainder of day, finally settling at 16754. Now support for the gold MCX is seen at 16614 and below could see a test of 16475. Resistance is now likely to be seen at 16841, a move above could see prices testing 16929.

Trading Ideas:

Gold trading range is 16500-17000.

Gold continued their risk-fueled bounce as concerns about Greek sovereign debt eased

Gold is taking support at 1100$ again and getting resistance at 1118$.

Turkish gold imports totaled 60 kilograms in January

BUY GOLD APR @ 16680-700 SL 16656 SL 16732-16756-16790.MCX