Gold supported above $1090 levels, Intraday bias Neutral

The metal is on the rise again as worries about the global economic outlook still simmer even after upbeat Chinese export data. The key to overall market stability is stability in the oil price.

Oil was trading mixed on Thursday amid the stock market turmoil, with prices still hurt by the persisting supply glut that is not expected to ease anytime soon. Futures for WTI gained 1.02% to trade at $30.79 per barrel, while Brent futures slipped 0.40% to $30.16 per barrel, after hitting $29.72 per barrel earlier in the session, its lowest level since February 2004.

Futures for gold rose 0.55% higher to trade at $1,091.20 per troy ounce on Thursday, after a drop below $1,080 an ounce spurred some traders to close their short positions.

To the down side, support levels are seen at $1082, $1076 and $1072 levels.

Initial resistance levels are seen at $ 1097, $1102 and $1112 levels.