Gold settled down -1.11% at 28295 ended lower for a second straight session on Monday, with investors seeking riskier assets while tracking rebounding global equity markets. The precious metal found little support with the dollar trending higher against some select currencies, after some upbeat homebuilder confidence data from the U.S. Nonetheless, recent weak data from the eurozone and lingering geopolitical concerns continue to limit the precious metal's downside. There appears to be little clarity in the geopolitical tensions prevailing in Ukraine and Iraq. While government forces in Ukraine continued their protracted fight against pro-Russian separatists, the separatists claim to have taken down a Ukrainian plane. In Iraq, the U.S. air force continued to target areas surrounding the strategic Mosul Dam in an effort to dislodge Islamic State militants and help Kurdish forces retake the region. In some positive economic indicator, homebuilder confidence in the U.S. unexpectedly improved for a third consecutive month in August, to its highest level in seven months, a report from the National Association of Home Builders showed Monday. This was the highest level for the index since January this year. On Friday, gold futures snapped a three-day winning streak to end lower, amid some mixed economic data and uncertainty about the timing of likely monetary tightening. While Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 795.60 tons on Monday from its previous close. Technically market is under fresh selling and getting support at 28199 and below same could see a test of 28103 level, And resistance is now likely to be seen at 28448, a move above could see prices testing 28601.

Trading Ideas:

Gold trading range for the day is 28103-28601.

Gold fell after upbeat U.S. data and waning Ukraine fears chipped away at the precious metal's appeal as a hedge to uncertainty.

The U.S. central bank is expected to raise rates in the middle of next year, depending on the strength of the economy.

SPDR gold trust holdings gained by 2.06 tonnes i.e. 0.26% to 797.69 tonnes from 795.60 tonnes.