Gold closed flat yesterday as recovery in risk appetite lifted commodities after last week's sell-off, Gold opened 16590 and traded quietly early in the session. The metal traded up to an intraday high of 16708 as equities gained. Profit taking saw Gold trade to an intraday low of 16612 and manage to close at 16627.Technically market is trading in the range as RSI for 18days is currently indicating 48.37, where as 50DMA is at 16684.98 and gold is trading below the same and getting support at 16572 and below could see a test of 16517 level, And resistance is now likely to be seen at 16695, a move above could see prices testing 16763.

Trading Ideas:

Gold trading range is 16517-16763.

Gold closed flat yesterday as recovery in risk appetite lifted commodities after last week's sell-off

Support for the gold is at 16570 and resistance is at 16695.

SPDR Gold Trust holdings stood at 1,141.041 tonnes as of April 20

BUY GOLD JUNE @ 16590-16615 SL 16560 TGT 16630-16656-16685.MCX