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As the dollar index rose 0.36 percent on reports of a plan to reduce Greece's debt, grain futures were sharply lower on Thursday on the Chicago Board of Trade.

Corn was off 9 1/4 to off 10, soybeans were off 16 1/4 to off 17 1/2, wheat was off 8 to off 9 1/4 and oats were off 7 to off 8 1/4.

As did an International Grains Council estimate that global corn planting would be 2 percent higher this year, the stronger dollar pushed corn prices lower Thursday.

Silver posted an "inside day" along with gold, in which the high and low were within the prior da

Ahead of a planned helicopter package delivery, Mexico's spiraling drug-related violence has prompted U. S. defense officials to consider added measures to address growing security concerns.

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

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As the dollar index gained 0.36 percent, Crude oil prices for May delivery fell to nearly $80 per barrel in New York.

Wednesday's inventory report also weighed down prices. The U. S. Energy Information Administration said crude oil supplies rose by 7.3 million barrels in the week ending March 19.

On the New York Mercantile Exchange, light, sweet crude oil prices dropped 33 cents from a recent settlement to $80.28 per barrel.