Gold prices rose as commodities broadly advanced amid signs of economic recovery across the globe, which spurred hopes of higher demand. Weakness in the greenback and expected jewelry demand from Asia also helped push the price of bullion higher. Now technically market is trading in the range as RSI for 18days is currently indicating 51.64, where as 50DMA is at 16650 and gold is trading below the same and getting support at 16529 and below could see a test of 16499 level, And resistance is now likely to be seen at 16579, a move above could see prices testing 16599.

Trading Ideas:

Gold trading range is 16499-16599.

Gold getting support from weak dollar and expected jewelry demand from Asia

Support for the gold is at 16520 and resistance is at 16600

In spot gold is getting resistance at 1128$ and support is at 1112$.

BUY GOLD JUN @ 16430-450 SL 16380 TGT 16480-16512-16560.MCX