Gold futures edged higher yesterday vanising the fall seen during the day trading and finally settled up at 23109, recouping some of the previous session’s losses as a weaker U.S. dollar and uncertainty ahead of a summit meeting of European Union leaders on Thursday underlined the appeal of the metal. Gold prices snapped eleven consecutive days of gains on Tuesday, slumping nearly 1.1% after U.S. President Barack Obama said there had been “some progress” in talks with lawmakers on raising the USD14.3 trillion U.S. debt limit, boosting optimism that a deal would be reached before the August 2 deadline. Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Meanwhile, euro zone finance ministers were to meet on Thursday to focus on the financial stability of the euro area as a whole and the future financing of the Greek program. Now technically market is trading in the range as RSI for 18days is currently indicating 63.95, where as 50DMA is at 22508.86 and gold is trading above the same and getting support at 22932 and below could see a test of 22755 level, And resistance is now likely to be seen at 23216, a move above could see prices testing 23323.               

Gold trading range is 22755-23323.

Gold gained as investors focused on economic uncertainty despite progress in talks on raising US debt limit

Gold remained higher after White House said it is open to short-term deal extension to avert US default

Gold looks to take support at 22932 and resistance at 23216.

BUY GOLD AUG ABV 23120 SL 23070 TGT 23156-23190-23220.MCX

Gold / Silver ratio is at 39.92. Yesterday Gold FIX $ has closed higher at : 1586