Gold opened at 16265 turned higher in Europe market session yesterday, rising back above $1,070 an ounce, as the dollar's retreat versus the euro boosted the metal's appeal as an alternative asset. Profit taking took the metal lower as the session began, retreating to 16221. Stronger equity markets and rallying oil prices carried gold off its lows. Short covering lifted the metal and it continued to climb, touching an intraday high of 16349. Good selling later entered the market, dragging it lower and it traded quietly in a range, finally settling at 16276, now technically market is trading in the range as RSI for 18days is currently indicating 40.06, where as 50DMA is at 16744.56 and gold is trading below the same and getting support at 16215 and below could see a test of 16154 level, And resistance is now likely to be seen at 16343, a move above could see prices testing 16410.

Trading Ideas:

Gold trading range is 16154-16410.

Gold turned higher in Europe market session as the dollar's retreat versus the euro.

A sliding euro amid worries about credit conditions of some euro zone countries sent gold prices down.

Overall gold below 1094$ look to take support at 1036 & 1022$ for this week

SELL GOLD APR @ 16300-340 SL 16384 TGT 16265-16222-16190-16145.MCX