Gold manage to close above 1100$ last week also closing at 1105$ for the second week in a row. Gold jumped to its highest in nearly two weeks on Monday as the euro extended gains after euro zone leaders agreed on a financial safety net for Greece. Last week, euro-zone policymakers agreed on an aid package under which Greece would receive both bilateral loans from euro-zone partners and funding from the International Monetary Fund if it faced severe difficulties. Now support for the gold MCX is seen at 16375 and below could see a test of 16361. Resistance is now likely to be seen at 16399, a move above could see prices testing 16409.

Trading Ideas:

Gold trading range is 16361-16409.

Gold ended positive on the back of a euro rally based on a Greece rescue plan  

Support for the gold is at 16356 and resistance is seen at 16430

In spot gold is having support at 1098$ and resistance at 1112$.

BUY GOLD APR @ 16300-330 SL 16278 TGT 16362-16390-16430.MCX