Gold last week we have seen fallen almost by 7.30% from 1125$  to 1043$ similarly on mcx also gold dropped by almost rs.770 per 10gms, almost we have seen fell to a three-month low as the dollar’s rally reduced demand for the precious metal as an alternative investment. The euro fell to an eight-month low against the greenback on mounting budget concerns in countries such as Greece, Spain and Portugal. Gold capped a fourth straight weekly loss and the ninth decline in the past 10 weeks. On saturday we have seen some good profit booking which help gold rallying again above 16250 level now technically market is trading in the range as RSI for 18days is currently indicating 40.2, where as 50DMA is at 16759.22 and gold is trading below the same and getting support at 16172 and below could see a test of 16059 level, And resistance is now likely to be seen at 16357, a move above could see prices testing 16429.     

Trading Ideas:

                Gold trading range is 16059-16429.

                Gold last week we have seen fallen almost by 7.30% from 1125$  to 1043$

                Gold is having support at 16170 level on MCX and 1056$ in spot.

                Euro fell against the greenback on mounting budget concerns.

                BUY GOLD APR @ 16200-240 SL 16160 TGT 16274-16312-16340.MCX

                GOLD / SILVER RATIO IS AT 70.37. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1052.25