Gold on MCX settled down -0.29% at 28746 as the dollar strengthened on growing expectations of a Federal Reserve rate hike in December following positive U.S. economic data. Fed policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed's Nov. 1-2 meeting showed. New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, the latest indication of an acceleration in economic growth early in the fourth quarter. Recent positive economic data has been pressuring gold prices as investors raise bets on a U.S. interest rate hike that would increase the opportunity cost of holding non-yielding bullion, while boosting the dollar. Investors are now pricing in a nearly 100 percent probability of a December Fed rate increase, according to CME FedWatch, and some investors expect more hikes in 2017 if economic momentum is sustained. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 1.47 percent to 891.57 tonnes on Wednesday from Tuesday. German Economy Minister Sigmar Gabriel said that a new round of corporate tax cuts in Europe due to "problems in Britain" would be risky. "It would be even more dangerous if we were to start a new round of corporate tax cuts in Europe - triggered by the problems in Britain," Gabriel told the Bundestag lower house of parliament. Technically market is under long liquidation as market has witnessed drop in open interest by -1.65% to settled at 5370, now Gold is getting support at 28654 and below same could see a test of 28562 level, And resistance is now likely to be seen at 28814, a move above could see prices testing 28882.

Trading Ideas:

Gold trading range for the day is 28562-28882.

Gold fell as the dollar strengthened on growing expectations of Fed rate hike in December following positive U.S. economic data.

Fed policymakers appeared confident that the economy was strengthening enough to warrant interest rate increases soon.

New orders for U.S. manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment.