MCX: Gold gains on Middle East crisis

Gold prices extended their gains on Monday from its last closing on high oil prices amid the ongoing Middle East crisis and falling dollar as expectations of a European Central Bank rate hike lent support.
We expect the prices to trade in a range as better U.S. employment data last Friday suggested global economy is likely on a firm footing and put pressure on prices; however the ongoing Middle East crisis continued to support the precious metal's safehaven appeal.
The COT report of US Commodity Futures Trading Commission depicted rise in net long position of speculators in futures and options contracts, suggesting gold is getting preference as safe haven appeal amid current global scenario.

(Source: http://www.commodityonline.com/futures-trading/technical/MCX-Gold-gains-on-Middle-East-crisis-22992.html)