At MCX, Gold August Contract opened almost flat with negative bias and currently trading at around 29250 down more than 0.50%. MCX Gold August contract expected to trade in range of 29200-29800 for near term.International Gold futures are modestly lower near 1575 USD per ounce. But, overall, the Gold market remains trapped in the middle of a two-month sideways range from last few days.The key support is $1530 per ounce on the downside and resistance at $1630 per ounce in Spot Gold. MCX Gold to take support near Rs 29450 and resistance at Rs 29800 per 10 grams.
A strong breakout with two continuous settlements either support or resistance would be a signal that either the bears or bulls are reasserting control. Till than, This yellow metal will remain neutral and market expected to trade said range.