Gold on MCX settled down -0.19% at 29303 traded in the range while recovered from the day's low as the dollar softened, although trading was thin due to the U. S. holiday and as markets awaited details on President Donald Trump's tax policy. Also market activity is likely to be largely subdued until guidance on the pace of interest rate hikes from a raft of Federal Reserve speakers this week. Liquidity was thin due to the Presidents Day holiday in the United States. From a wider perspective, gold is seen consolidating near 3-month tops and looks for the next push higher, as uncertainty over the US economic policies continue to persist in wake of Trump’s administration. Although timing of the Fed rate hikes, especially after Fed’s Yellen hawkish testimony last week, keeps the gold investors on the edge, restricting further upmoves. Investor appetite has shown signs of easing since gold hit a three-month high on Feb. 8. The world's largest gold-backed ETF, SPDR Gold Shares, reported an outflow of 2.4 tonnes on Friday, the first in nearly four weeks. While data also showed on Friday that speculators cut their net long position in COMEX gold for the first time in three weeks in the week to Feb. 14. Net long gold positions on US commodity exchange COMEX fell 9% to 63,625 contracts in the week to February 14, CFTC data showed Monday. Technically market is getting support at 29223 and below same could see a test of 29144 level, And resistance is now likely to be seen at 29353, a move above could see prices testing 29404.

Trading Ideas

# Gold trading range for the day is 29144-29404.

# Gold prices held steady with investors looking ahead to a clutch of speeches from Fed officials later in the week for clues on the timing of possible interest rate hikes.

# Cleveland Fed chief Loretta Mester said she would be comfortable raising interest rates at this point if the economy kept performing the way it did.

# Net long gold positions on COMEX fell 9% to 63,625 contracts in the week to February 14, CFTC data showed Monday.