Gold on Saturday ended positive on the notes that some short covering is seen by small traders on the last day after the gold fell on Friday heavily on Goldman Sachs issue. Gold has dropped down to 1135 to close the week compared to last Fridays 1163. The reversal back through 1145 is disappointing for bulls and opens up the risk of a test of 1122. This is the first down week in Gold following 3 up weeks off of 1085. Now support for the gold MCX is seen at 16585 and below could see a test of 16562. Resistance is now likely to be seen at 16627, a move above could see prices testing 16646.

Trading Ideas:

Gold trading range is 16562-16646.

Gold on Saturday ended positive on some short covering

Support for the gold is at 16560 and resistance is at 16640.

In spot gold looks to have resistance at 1144$ and support at 1128$.

SELL GOLD JUNE ON JUMP @ 16650-670 SL 16712 TGT 16616-16575-16525.MCX