Gold on MCX settled down -0.48% at 29566 tracking weakness from Comex Gold which dropped 0.3 percent to settled at $1,244.93 per ounce on a stronger dollar ahead of a speech by U. S. President Donald Trump that investors hope will shed more light on the details of his economic policy. In yesterday session Dollar strengthened versus major rivals, as hawkish remarks from a voting member of the Federal Reserve raised expectations for a March rate hike. In economic news, economic growth in the U. S. in the fourth quarter of 2016 was unrevised in the latest report released by the Commerce Department. GDP increased by 1.9 percent in the fourth quarter, unrevised from the previous estimate. Consumer confidence in the U. S. unexpectedly improved in the month of February, according to a report released by the Conference Board on Tuesday. Its consumer confidence index climbed to 114.8 in February after falling to a revised 111.6 in January. Traders sifted through a parade of other news on today's U. S. president’s address. Trump’s commitment to spur growth by boosting spending and easing regulation helped fuel a stock rally after his election that reverberated around the world, sending the value of global equities above $70 trillion and propelling the dollar higher. The question facing investors hinges on whether Trump can deliver enough of a plan to appease the optimists amid signs investors’ patience is waning. In the days leading up to the speech, investors showed an unwillingness to add to riskier bets with stocks near all-time highs. Technically market is getting support at 29494 and below same could see a test of 29422 level, And resistance is now likely to be seen at 29644, a move above could see prices testing 29722.

Trading Ideas:

# Gold trading range for the day is 29422-29722.

# Gold dropped as financial markets awaited U. S. President Trump's speech to Congress regarding his policies on tax reforms and government spending.

# New orders for key U. S.-made capital goods unexpectedly fell in January after three straight months of strong gains.

# China's monthly net gold imports via main conduit Hong Kong plunged 38.3 percent in January, data showed.