Gold, considered hedge against inflation, is expected to be bearish to trade in the range of 865-918 dollar an ounce, according to a report. The precious metal"appears to be in a consolidation phase with the underlying trend appearing to be bearish. Gold is expected to trade in a range of 865-918 per ounce (28.34 grams),"a report prepared by National Bulk Handling Corporation (NBHC) said. Major equity markets witnessed a strong recovery in April, increasing investors risk appetite and reducing the appeal of bullion as a safe haven. The recoveries in the US equity markets was mainly on account of a better economic data, lowering apprehension of a long recession in the country. If gold closes above 926 dollar an ounce then it may reach 950-955 dollar level, which would result in 76.4 per cent retracement of the price moving from 901.5 dollar an ounce on January 15 to 1,004.9 dollar an ounce on February 20. This trend would turn bearish if it closes below 856 dollar an ounce, the report added. Earlier, gold had risen sharply due to lack of liquidity and impending uncertainty in financial markets.

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