Gold Movement
Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1,495.54 per ounce. Prices of the yellow metal remained under pressure, on speculation that slowing inflation would curb demand for the metal as a hedge against rising consumer prices.
In the Asian session at 3:00GMT, gold is trading at USD 1,495.10 per ounce, 0.03% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,500.82, with the next resistance at 1,506.53. The pair is expected to find support at 1,487.72 and subsequently at 1,480.33.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
