Gold ended lower as the dollar hit a six-month high against the euro, and the bullion market braced for choppy option trade and contract rollover ahead of the Federal Reserve's interest rate decision. Now technically market is trading in the range as RSI for 18days is currently indicating 32.15, where as 50DMA is at 16941 and gold is trading below the same and getting support at 16389 and below could see a test of 16338 level, And resistance is now likely to be seen at 16525, a move above could see prices testing 16610. Spread between Gold FEB & APR contracts yesterday ended at 62, we have seen yesterday that the gold market had traded with a negative node and settled -0.13% down. Spread yesterday traded in the range of 62 - 108.

Trading Ideas:

Gold trading range is 16200-16650.

Gold ended lower as the dollar hit a six-month high against the euro

Gold is having support at 16408 level and resistance at 16480.

FOMC has kept its interest rate unchanged

SELL GOLD FEB ON JUMP 16500-520 SL 16565 TGT 16475-16456-16410.MCX