Gold closed lower weighed down by month-end position squaring and liquidation pressure related to contract rollover. Gold fell, halting a three-session rally, on speculation that a rebounding dollar will curb demand for the metal as an alternative investment also Demand for the metal may also weaken as the Federal Reserve begins to raise interest rates from near zero. On mcx yesterday we have seen market initially traded in the range new contact started the day from the 16400 level and jumped to the day's high of 16474 before a fall towards 16342 on dollar rally before closing at 16375. Now technically market is trading in the range as RSI for 18days is currently indicating 41.14, where as 50DMA is at 16578 and gold is trading below the same and getting support at 16236 and below could see a test of 16181 level, And resistance is now likely to be seen at 16366, a move above could see prices testing 16441.

Trading Ideas:

Gold trading range is 16181-16441.

Gold closed lower weighed down by month-end position squaring

Support for the gold is at 16246 and resistance is at 16340

In spot gold is getting resistance at 1108 an support is at 1096$.

SELL GOLD APR ON JUMP @ 16340-360 SL ABV 16422 TGT 16305-16270-16235.MCX