Gold ended almost flat to weak, as a weak euro pressured prices and news of limited gold sales by the IMF provided support. Gold opened on MCX at 16820. The metal range traded during the session with no economic data being reported. Gold rose early in the day to an intraday high of 16838 on Dollar weakness. Profit taking as crude traded lower took the metal to an intraday low of 16745. Sideways trading for the remainder of the session took Gold to a close of 16772.Now support for the gold MCX is seen at 16732 and below could see a test of 16692. Resistance is now likely to be seen at 16825, a move above could see prices testing 16878.

Trading Ideas:

Gold trading range is 16692-16878.

Gold ended almost flat as a weak euro pressured prices

Support for the gold is at 16720 and resistance is at 16830.

SPDR gold trust holdings rose by 5.18 tonnes to 1146.22 tonnes

BUY GOLD JUN @ 16770-780 SL 16740 TGT 16800-16834.MCX (EVE WEAK)

GOLD / SILVER RATIO IS AT 63.14. YESTERDAY GOLD FIX $ HAS CLOSED LOWER AT : 1154