Gold pulled back from highs to end steady, failing to withstand a euro plunging on doubts about the efficacy of a proposed aid package for Greece. Gold opened on MCX at 17185 reaching a high of 17362. New highs were reached for Gold priced in Euros, Swiss Francs and Sterling. Profit taking combined with a stronger Dollar took the metal lower, triggering resting stops around 17200. Some quiet trading afterwards until renewed selling interest in early afternoon saw the metal trade to its intraday low of 17125. Late session range trading saw Gold close at 17188. Now support for the gold MCX is seen at 17088 and below could see a test of 16988. Resistance is now likely to be seen at 17325, a move above could see prices testing 17462.

Trading Ideas:

Gold trading range is 16988-17462.

Gold ended steady after rising early in the day on profit booking

Support for the gold is seen at 17130 and resistance is at 17230.

In spot support for the gold is seen at 1162$ and resistance is at 1178$.

SELL GOLD JUNE BELOW 17170 SL 17212 TGT 17150-17090.MCX