Gold Movement
Gold prices traded higher by 1.06% against the USD in the 24 hour period ending 23:00GMT, at 1,406.65 per ounce, as increasing unrest in northern Africa and the Middle East spurred demand for the precious metal. Gains in the yellow metal were further buoyed by a weaker dollar and the rise in US inflation. Gold remains well entrenched in positive territory, as bargain hunters proved further catalyst.
In the Asian session at 4:00GMT, gold is trading at USD 1,410.92 per ounce, 0.30% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,419.38, with the next resistance at 1,427.83. The pair is expected to find support at 1,396.15 and subsequently at 1,381.37.
The pair trading just above its 20 Hr and 50 Hr moving averages.
