Gold traders absent in the market ahead of Bernanke Speech

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Gold traders absent in the market ahead of Bernanke Speech

Gold is stuck in tight range of 30800-31000 before Fed speech scheduled for tomorrow.“Traders seems to be absent in market ahead of Federal Reserve Chairman Bernanke Speech".Expectation for a third round of quantitative easing to stimulate the US economy would keep gold prices under pressure before speech.
Gold October contract support seems to be at 30700 and resistance at 30950. Overall trend is looking positive for this week.
“A slight downside may be witnessed in today's trade ahead of profit booking till 30700.”