MUMBAI (Commodity Online): Gold prices are seen down in the opening trade in the domestic futures market as did in the global market on Tuesday despite a weakness in US dollar against Euro.

MCX gold April moved down nearly Rs 20 at Rs 16257 per 10 grams. The traders may sell it around current levels with target of Rs 16215 and stop loss of Rs 16282.

U.S. gold futures for April delivery were $2 at $1,064.20 per ounce. It should face a stiff resistance near $ 1065 and may find supports near 1060 levels.

Gold opened at 16265 turned higher in Europe market session yesterday, rising back above $1,070 an ounce, as the dollar's retreat versus the euro boosted the metal's appeal as an alternative asset.

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Profit taking took the metal lower as the session began, retreating to 16221. Stronger equity markets and rallying oil prices carried Gold off its lows. Short covering lifted the metal and it continued to climb, touching an intraday high of 16349.

Good selling later entered the market, dragging it lower and it traded quietly in a range, finally settling at 16276, now technically market is trading in the range as RSI for 18days is currently indicating 40.06, where as 50DMA is at 16744.56 and gold is trading below the same and getting support at 16215 and below could see a test of 16154 level, And resistance is now likely to be seen at 16343, a move above could see prices testing 16410.

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