Gold managed gains as investors bought the metal as an inflation hedge and safe haven while fresh worries about Greek finances also boosted the U. S. dollar. Gold opened on MCX at 16497 making a quick to an intraday low of 16425. Fund buying early in the session, despite a firm dollar, and concerns about Greek fiscal problems and general currency uncertainties, led investors towards safe haven assets. Gold traded to an intraday high of 16595.

It is also notable that Gold priced in Euros has set new highs during the session. Light selling during the latter part of the session brought Gold to a close of 16556. Now support for the gold MCX is seen at 16456 and below could see a test of 16355. Resistance is now likely to be seen at 16626, a move above could see prices testing 16695. Trading Ideas:

Gold trading range is 16355-16695.

Gold ended higher boosted by safe-haven demand driven by currency uncertainties

Support for the gold is at 16510 and resistance is at 16596.

In spot gold is having resistance at 1142$ and support is at 1126$.

BUY GOLD JUN @ 16500-520 SL 16468 TGT 16545-16570-16612.MCX