Gold ended a higher despite a dollar rise as persistent worries about Greece's fiscal situation prompted safe-haven buying.
Gold opened on MCX at 16785, dipping to an intraday low of 16756 on the unexpected rise in the initial jobless claims data.
Gold traded sideways after finding support at 16760. Safe haven buying, despite a strengthening Dollar, saw the metal trading up to an intraday high of 16864. Range trading took Gold to its close of 16838.
Now support for the gold MCX is seen at 16775 and below could see a test of 16711. Resistance is now likely to be seen at 16883, a move above could see prices testing 16927.
Trading Ideas:
Gold trading range is 16711-16927.
Gold ended a higher despite dollar rise as worries about Greece's fiscal situation prompted buying
Support for the gold is at 16780 and in spot support is at 1146$
India March gold imports jump nearly six times to 27.8 tons
BUY GOLD JUN AT 16770-780 SL 16740 TGT 16800-16826-16860.MCX
