Gold settled flat due to rupee firmness but in international prices boosted by sharp rallies in equities and commodities after data showed that China’s economic growth, though slower, was stronger than some had expected. Bullion, which has been particularly sensitive to central banks' monetary policies, also benefited from perceptions that the Chinese GDP data could open the door for further easing. A nearly 2 percent rally on Wall Street and sharp gains in crude oil and grains amid a weaker dollar also lifted gold, which has largely moved in tandem with perceived riskier assets this year.  Gold held gains after data showed U.S. consumer sentiment fell in early July to its lowest level in seven months, while producer prices rose only slightly last month, suggesting inflation pressures remain muted and leaving the door open for more easing by the U.S. Federal Reserve. In the physical markets, gold traders in major consumer India took to the sidelines on Friday as prices recovered, with a weak rupee making the metal more expensive for local buyers. Record local prices have weighed heavily on demand this year. The largest gold-backed ETF, SPDR Gold Trust, has seen an outflow of nearly 10 tonnes so far in July. Now technically market is trading in the range as RSI for 18days is currently indicating 41.72, where as 50DMA is at 29680.96 and gold is trading below the same and getting support at 29248 and below could see a test of 29229 level, And resistance is now likely to be seen at 29281, a move above could see prices testing 29295.

Trading Ideas:

Gold trading range for the day is 29229-29295.

Gold settled flat due to rupee firmness but in international prices boosted by sharp rallies in equities and commodities

Gold held gains after data showed U.S. consumer sentiment fell in early July to its lowest level in seven months

The largest gold-backed ETF, SPDR Gold Trust, has seen an outflow of nearly 10 tonnes so far in July.