Gold declined and settled down at -0.43% that is at 21884 on speculation that slowing inflation will curb demand for the metal as a hedge against rising consumer prices. Federal Reserve Bank of St. Louis President James Bullard said in an interview in New York that the central bank may keep its monetary policy unchanged until late this year, and that declining inflation expectations have lessened the need to begin withdrawing record stimulus. Gold demand gained 11 percent to 981.3 metric tons in the first quarter from a year earlier, the WGC said. Jewelry usage in China, climbed 21 percent to a record in the quarter, and the country’s consumption of the metal may double before 2020.Now technically market is trading in the range as RSI for 18days is currently indicating 50.41, where as 50DMA is at 21661.36 and gold is trading above the same and getting support at 21814 and below could see a test of 21745 level, And resistance is now likely to be seen at 21959, a move above could see prices testing 22035.

Trading Ideas:

Gold trading range is 21745-22035.

Gold fell after release of weak U.S. housing and manufacturing data

Gold looks to take support at 21814 and resistance at 21959.

In spot gold looks to take support at 1484$ and resistance is at 1508$ level.