Gold Virtually In Standstill Mode Since Morning

Gold trading range for the day is 29765-29815. Technically market is trading in the range as RSI for 18 days is currently indicating 55.56, where as 50 DMA is at 29715.94 and Gold is trading above the same and getting support at 29781 and below could see a test of 29765 level, and resistance is likely to be seen at 29806, a move above could see prices testing 29815.

Gold settled flat off Fridays high as investors took profits after data showed that economic growth and consumer sentiment have weakened but not enough to prompt the U.S. Federal Reserve to take further stimulative action. After rising on Friday Gold trimmed its gains after data showed U.S. GDP slowed in the second quarter from the first quarter, and U.S. consumer sentiment in July fell to its lowest level of the year.

Gold has been sawing between $1,525 and $1,640 in the last three months, partly due to the Fed's ambiguity on further monetary easing. Physical Gold traders in India, one of the top bullion consumers, stayed on the sidelines after prices stayed in the vicinity of their highest level in four weeks.

Spot Gold prices rose by more than 2.5 percent during the week on the back of rise in risk appetite in the global markets. Additionally, a weaker DX also helped upside in the prices. The yellow metal touched a high of $1,629.10/oz in the last week and closed at $1,623.44/oz in last trading session of the week.

On the domestic front, prices gained by 1.7 percent and closed at Rs.29,776/10 gms on Friday after touching a high of Rs.29,884/10 gms during the week. However, appreciation in the Indian Rupee capped sharp gains in the prices. Holdings in the SPDR Gold Trust, the world's largest Gold-backed exchange-traded fund, declined by 0.5 percent and stood at 1248.61 tonnes on July 27, 2012 as compared to 1254.64 tonnes on July 20, 2012.

Silver trading ideas for the July 30
Silver trading range for the day is 53167-53321. Technically market is trading in the range as RSI for 18days is currently indicating 46.22, where as 50DMA is at 54226.94 and silver is trading below the same and getting support at 53197 and below could see a test of 53167 level, And resistance is now likely to be seen at 53274, a move above could see prices testing 53321.

Taking cues from rise in gold prices along with upside in base metals complex, Spot Silver prices also gained by 1.6 percent in the last week. Additionally, weakness in the DX also acted as a positive factor for the silver prices.

The white metal touched a high of $27.85/oz during the week and closed at $27.73/oz in the last trade of the week. In the Indian markets, prices rose by 0.6 percent and closed at Rs.53,200/kg on Friday after touching a high of Rs.53,589/kg in last week. Appreciation in the Rupee restricted further upside in prices on the MCX.

On a weekly basis, holdings in the iShares Silver Trust, the world's largest silver-backed exchange-traded fund, declined by 0.6 percent to 9639.42 tonnes on 27th July 2012 from previous level at 9696.71 tonnes on 20th July 2012.

Silver ended flat after prices were supported from the weaker dollar, stronger stock market and a general improvement in risk tolerance that came with ECB President Draghi's comments. In US news, the economy here grew at an annual rate of 1.5 percent in the second quarter, down from the revised reading of two-percent growth during the previous quarter but essentially in line with expectations.