MCX Gold futures are treading water after a slightly upbeat opening as the global prices barely flinched amid an upswing in the Asian equities and diverse cues from the commodities complex. Crude and copper showed signs of correcting after the recent flurry of gains and gold was held in check after its failure to hold above $1200 per ounce in a convincing fashion. The commodity is still finding it difficult to stay above $1200 per ounce, as indicated by the yesterday's moves. Gold rose from a low of $1180.70 in Asia yesterday and shot up in New York as the US equities jumped 200 points. However, the prices slid lower soon, not holding up above the watershed levels. This pattern is likely to hold ground today as well. COMEX Gold rose to a high of $1196.10 per ounce and trades at $1194.20, down $was quoting at $1195.10 per ounce when last seen, down 50 cents on $1194.60 per ounce from the previous close. Watch out for a support to emerge around $1192 per ounce mark. Scenario is quite mixed and direction is indeed little unclear for Gold. The gains in New York should ideally have extended well above $1200, given the kind of rally we saw in the equities. However, a failure to do so could be a worrying development for Gold. MCX Gold slipped from a high of Rs 18365 per 10 grams and closed at Rs 18296 per 10 grams yesterday. The contract opened higher at Rs 18320 per ounce but moved in a tight range of Rs 18313-18340 per 10 grams.

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