Gold updates

Gold futures kicked off the week on a weak note in Asia today after the commodity jumped to highest level in six weeks on Friday as the U.S. dollar came under heavy selling pressure amid hopes that a deal on an aid payment for Greece.
Most major Asia stock markets seesawed in Monday trading, though Japanese equities outperformed to hit a seven-month high as the yen weakened further against major rivals. Japan’s Nikkei Stock Average climbed 0.8% to a level not seen since late April as investors returned from a three-day weekend.
Chinese trading started the week on a muted note, with Hong Kong’s Hang Seng Index down 0.1%, and the Shanghai Composite index lower by 0.3%.
Gold futures for December delivery are trading down $3.1 at $ 1748.3 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold futures rallied 2.3%. It may find support near $1720 levels and resistance near $1775 levels.
In the coming week, market participants will be focusing on Monday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment. Traders will also monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.
MCX Gold December futures may open today’s session near Rs 32240 levels with support near Rs 32200 and Rs 32150 levels.