Gold Movement
Gold prices traded higher by 0.57% against the USD in the 24 hour period ending 23:00GMT, at 1,525.65 per ounce, on inflation concerns fuelled by recent strong Chinese economic data, lingering worries over debt problems in Europe and the US as well as weaker dollar.
In the Asian session at 3:00GMT, gold is trading at USD 1,525.70 per ounce, flat from 23:00GMT.
The pair is expected to find its first short term resistance at 1,531.37, with the next resistance at 1,537.04. The pair is expected to find support at 1,515.96 and subsequently at 1,506.22.
The yellow metal is trading just above its 20 Hr and its 50 Hr moving averages.
