MUMBAI (Commodity Online): Gold futures are trading flat in the domestic futures market in line with global sentiments on Wednesday. US dollar moved slightly up and the yellow metal stayed above $1075 per ounce.

MCX gold also moved above Rs 16300, trading flat on lack of movement in the international futures. It is expected to face a resistance near Rs 16400 levels and support near Rs 13310 levels.

Now technically market is trading in the range as RSI for 18days is currently indicating 41.13, where as 50DMA is at 16731.16 and gold is trading below the same and getting support at 16235 and below could see a test of 16151 level, And resistance is now likely to be seen at 16393, a move above could see prices testing 16467.

An ounce of gold on the COMEX division of the New York Mercantile Exchange is trading up 1 cent at $ 1077.3. It may face resistance near $ 1080 levels.

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Gold ended above $1,070 an ounce gaining 1 percent, on improving economic sentiment as the euro rose after reports of a possible European bailout for debt-stricken Greece. Gold opened at 16260 on MCX.

It was a quiet market during the early morning as light selling pulled the metal lower. It retreated to 16225 and later traded sideways within a range. However from the euro zone update and recovery in equities and base metals causing some short covering in the metals.

We traded up to an intraday high of 16383. A small correction as the session unwound pushed the metal off its highs, finally settling at 16319.

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