Gold settled flat at 28633 as pressure seen on higher side as a recovery in global equity markets prompting investors to seek riskier assets. Easing geopolitical worries following a new 3-day truce in the Gaza Strip and pro- Russian militants' offer for a ceasefire also contributed gold's slight weakness. Meanwhile, news reports say Russia has concluded its military exercises along the border with eastern Ukraine and has reportedly sent back troops to its bases. On Friday, gold futures ended lower after trading higher for much of the session amid worries over Russia reacting aggressively to sanctions from the U. S. and the European Union, and U. S. President Barack Obama ordering limited airstrike on Iraq to thwart advancing Islamic militants. A recovery in the U. S. equity market and some strong economic data halted gold's rise. Other than geopolitical factors, gold has been unable to draw support from elsewhere. Physical demand in top consuming region Asia has been sluggish after a record year in 2013, while investors have been cutting positions in SPDR Gold Trust. Holdings of SPDR Gold Trust edged lower to 795.86 tons on Monday from its previous close of 797.65 tons on Friday. Investors will be looking ahead to some Fed speeches and data on U. S. retail sales and consumer sentiment during this week. The U. S. Commerce Department's data on business inventories, data on import and export prices from the Labor Department are due. Also due this week are the Federal Reserve's industrial production report for July, the results of New York Federal Reserve's manufacturing survey and weekly jobless claims data. Technically market is getting support at 28543 and below same could see a test of 28453 level, And resistance is now likely to be seen at 28708, a move above could see prices testing 28783.

Trading Ideas:

Gold trading range for the day is 28453-28783.

Gold prices were little changed as rising global equities, and an apparent easing of tensions over Ukraine and the Middle East

Losses in the gold price were kept in check, however, as U. S. warplanes continued to bomb insurgents in Iraq.

Physical demand in top consuming region Asia has been sluggish after a record year in 2013, while investors have been cutting positions in SPDR Gold Trust