Gold is ended the week not far from where it closed last Friday at 1107$.

The soft close is disappointing considering the unit spent most of the week above the 100 day moving average at 1119$.

We have had 3 consecutive lower highs over the last 3 weeks starting with 1145$, 1138$ and this weeks 1133$. We are officially neutral Gold at these levels.

Now support for the gold MCX is seen at 16493 and below could see a test of 16479.

Resistance is now likely to be seen at 16517, a move above could see prices testing 16527.

Trading Ideas:

Gold trading range is 16479-16527.
Gold is pressured by a strong U.S. dollar and rate hike in India
Support for the gold is at 16466 and resistance is at 16540 level
Global gold demand is expected to recover in 2010 after a fall last year – WGC
BUY GOLD APR AT 16490-500 SL 16460 TGT 16535-16556-16590.MCX

Courtesy: Kedia Commodities

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