MUMBAI (Reuters) - India gold futures edged lower on Monday morning as the dollar consolidated its gains, dimming the yellow metal's appeal as an alternative investment overseas, analysts said. The most-traded April gold contract on the Multi Commodity Exchange (MCX) was 0.07 percent lower at 16,306 rupees per 10 grams at 11:12 a.m. The dollar held at its highest levels in six months, while the euro huddled near seven-month lows on fiscal concerns, and higher yielding currencies remained pressured by the closing of leveraged trades. Analysts expect the downtrend to continue in the yellow metal. "My view is still bearish in gold and it could find support at 16,100 levels," said Aurobinda Prasad, head of research, Karvy Comtrade. "Gold has broken a crucial support of 16,300 and now it is in a new phase of intermediate downtrend... selling could be done at 16,180, for a target of 15,900, maintaining a stop loss of above 16,300," said Amrut Deshmukh, senior technical analyst with Way 2 Wealth Securities. Open interest for April gold on MCX was at 12,529 lots, down from 12,194 a day earlier. For a technical look at gold click www.reutersindia.net/gold.htm (Reporting by Siddesh Mayenkar; Editing by Sunil Nair)

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