Gold settled up 0.73% at 33650 in yesterday's volatile session, Gold opened at 33564 level dropped sharply to test 33051 level as Indian rupee rebounded on Thursday from a record low as the central bank sold dollars to oil companies, while policymakers scrambled for more lasting solutions to what some investors are describing as a crisis. But again recovered to the intraday high of 33862 before settled at 33650 while Comex Gold dropped from a three-month peak on Syria's tension as economic data from US may add to the case for the Fed's tapering, also technical also showed an upcoming reduction in prices. Pressure seen after US economic news out Thursday, the U. S. Commerce Department said U. S. GDP grew 2.5% in the Q2, well above the initial reading that showed growth of 1.7%. Meanwhile Obama told on Thursday that a military strike against Syria was in their interest following a gas attack against Syrian civilians last week, and Britain said armed action would be legal. But intervention appeared likely to be delayed until U. N. investigators report back. A US government report showed the nation's economy accelerated more quickly than expected in the second quarter because of a surge in exports, bolstering the case for the Fed to wind down a major economic stimulus program. While India is considering a radical plan to direct commercial banks to buy gold from ordinary citizens and divert it to precious metal refiners in an attempt to curb imports and take some heat off the plunging currency. Also Demand for physical gold in Asia slowed this week as spot prices surged and emerging market currencies plunged. Technically market is getting support at 33180 and below same could see a test of 32710 level, And resistance is now likely to be seen at 33991, a move above could see prices testing 34332.

Trading Ideas:

Gold trading range for the day is 32710-34332.

Gold ended with gains as rising geopolitical tensions boosted safe-haven bids but upside limited after data showed U. S. economy grew more than expected

The Commerce Department said gross domestic product increased at a seasonally adjusted annual rate of 2.5% in the three months to June

The stronger-than-expected data added to speculation the Fed could taper down its bond purchases at its next policy meeting