Gold ended positive as the dollar weakened. Easing fears about Greek debt caused the dollar to pull back, and investors moved into perceived riskier assets like gold as stocks.

Gold also often rises when the dollar declines because a softer greenback makes dollar-denominated gold less expensive for buyers using other currencies, boosting demand.

Gold has broken higher and pushed temporarily through our next resistance level of 1161.80 but has closed below that level thus tempering the bullishness of the move.

This still takes nothing away from the Bull Run as we have recorded higher intraday highs and lows for five consecutive sessions.

Now support for the gold MCX is seen at 16819 and below could see a test of 16813. Resistance is now likely to be seen at 16832, a move above could see prices testing 16839.

Trading Ideas:

Gold trading range is 16813-16839.
Gold ended positive as the dollar weakened by easing fears about Greek debt
Support for the gold is at 16780 and resistance is at 16860.
In spot gold looks to have a support at 1152$ and resistance is at 1166$
BUY GOLD JUN ABV 16850 SL 16818 TGT 16884-16912-16954.MCX

Courtesy: Kedia Commodities

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