Gold Movement
Gold prices traded higher by 1.76% against the USD in the 24 hour period ending 23:00GMT, at 1562.90 per ounce, as weakness in the dollar and concerns over inflation increased the demand for the precious metal.
In the Asian session at 3:00GMT, gold is trading at USD1545.35 per ounce, 1.12% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,570.79, with the next resistance at 1,596.22. The pair is expected to find support at 1,525.55 and subsequently at 1,505.74.
The yellow metal is trading well below its 20 Hr and 50 Hr moving averages.
