Now technically market is trading in the range as RSI for 18days is currently indicating 39.55, where as 50DMA is at 16580 and gold is trading below the same and getting support at 16223 and below could see a test of 16185 level, And resistance is now likely to be seen at 16318, a move above could see prices testing 16375. Spread between Gold APR & JUN contacts yesterday ended at 85, we have seen yesterday that the gold market had traded with a negative node and settled -0.21% down. Spread yesterday traded in the range of 81 - 94.

Trading Ideas:

Gold trading range is 16185-16375.

Gold may gain on drop to 6-week low, halt in dollar’s rally

Support for the gold is at 16210 on MCX and in spot at 1084$.

Spdr gold trust holdings rose by 4.57 tonnes to 1124.65 tonnes

SELL GOLD APR ON JUMP @ 16380-400 SL 16444 TGT 16350-16316-16270.MCX