Gold was steady near its highest level in two weeks on Thursday after ending the first quarter 1.4 percent higher on buying driven by volatile currencies, firm stock markets and euro zone debt. The dollar dropped versus the currencies of six major trading partners including the euro and yen amid signs that Asian economies are leading the economic rebound. Now technically market is trading in the range as RSI for 18days is currently indicating 42.68, where as 50DMA is at 16651 and gold is trading below the same and getting support at 16375 and below could see a test of 16314 level, And resistance is now likely to be seen at 16502, a move above could see prices testing 16568.

Trading Ideas:

Gold trading range is 16314-16568.

Gold finished higher with the main catalyst a softer U.S. dollar after disappointing economic data

Support for the gold is at 16380 and resistance is at 16470

In spot gold is getting resistance at 1118$ an support is at 1106$.

BUY GOLD JUN @ 16400-16420 SL 16365 TGT 16450-16482-16512.MCX