Gold ended nearly flat logging declines for two of the past three weeks as investors took to the sidelines ahead of a key U.S. option expiration and a Federal Reserve policy meeting next week. The metal, which has tended to follow riskier assets, inched down despite the usually bullish factors of a weaker dollar, an oil rally and gains in U.S. equities on better-than-expected corporate results. Gold's modest gains on Friday came as the world's financial leaders were expected to commit $400 billion or more to boost the IMF's war chest in preparation for a potential deterioration in Europe's debt crisis. However, gold traders were cautious to position themselves ahead of next week's Federal Open Market Committee meeting. The reserve bank's monetary policy-setting arm is due to release a statement April 25. Gold prices tend to rise in tandem with expectations of monetary stimulus, as concerns about an uptick in inflation lures investors to stock up on gold, which is considered a hedge against inflation and a safe harbor investment. Appetite for physical gold in India, historically the world's top bullion consumer, has been lackluster ahead of the gold-buying festival of Akshaya Tritiya on Tuesday next week, as high prices and rupee weakness curbed interest in the metal. Now technically market is trading in the range as RSI for 18days is currently indicating 52.2, where as 50DMA is at 28478.88 and gold is trading above the same and getting support at 28665 and below could see a test of 28628 level, And resistance is now likely to be seen at 28726, a move above could see prices testing 28750.

Trading Ideas:

Gold trading range for the day is 28628-28750.

Gold ended nearly flat as investors took to the sidelines ahead of a key U.S. option expiration.

Likely boost to International Monetary Fund's firepower fans interest in gold

Appetite for physical gold in India has been lackluster ahead of the gold-buying festival of Akshaya Tritiya