Gold Declines In Asia

Gold futures are trading lower in early Asian trade today, amid profit booking after the metal had hit an intraday high of $816.3 an ounce nearly 2 week high level on Friday last week.

The trading activity in the yellow metal somewhat tepid is expected to be thin, as holiday season in the Western world begins.

Comex Gold futures are currently quoting at $ 813.40 an ounce, down 2$. The day traders are suggested to go short on spurts and long on dips. The resistances at 815 and 816.50 and a breach of that can lead to $818.80. The supports are at 812.80, 809.30, and 803.30.

MCX gold futures for the most active contract are trading down Rs 20 at Rs10335 per 10 grams. The upside targets are at Rs 10360, Rs 10395, Rs 10408. The supports are at Rs 10314.50, Rs 10290 and 10264. the open interest fro the counter is up 0.3% indicating fresh selling.

Crude oil is seen trading down very moderately after rallying on Friday bolstered by increased consumer spending in US, its largest consumer in world.