Gold futures were modestly lower in the evening trade on Wednesday, as investors awaited the release of the minutes of the Federal Reserve's most recent policy meeting before pushing prices higher. Gold traders now shift their focus to the release of the minutes of the Federal Reserve's most recent policy meeting later Wednesday, which could show whether the central bank is leaning toward more stimulus to boost growth. European stocks declined on Wednesday, as sustained concerns over the handling of the sovereign debt crisis in the euro zone continued to dampen market sentiment. Asian stocks inched lower on Wednesday as investors sold equities on concerns the global economy is cooling and stocked up on safe-haven yen positions to await good news before investing in stocks. 

COMEX Gold trading well below the psychological level $1600 per ounce. Most active August Gold currently trading at $1577.8, down $2 per ounce, after unable to break the high of $1583.4 per ounce. Euro is trading up at $1.2286, up 0.29% against the greenback over the last close. 

MCX August Gold is trading at Rs 29,319, down Rs 100 per 10 gram, after finding strong support at Rs 29,234 per 10 gram. Technically, for August Gold has next support at Rs 29200-29100 level and resistance at Rs 29,500-29,600 level. 

September Silver on COMEX is trading with marginal profits at 27.120 cents per ounce, up 0.238 cents per pound. Local currency value was down further against the greenback with quoting at Rs 55.59, down 0.41% after hitting high at Rs 55.25 per USD. 

MCX Silver September is trading at Rs 52,741, up nearly Rs 100 per 1 kg, after moving in the range of Rs 52,825-52,456 per 1 kg. For Silver, the level of Rs52,900-53,000 is a strong resistance level while support is at Rs 52,500-52,400 per 1 kg.

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