Gold prices traded lower by 0.32% against the USD in the 24 hour period ending 23:00GMT, at 1578.55 per ounce, as hopes for stimulus faded after the European Central Bank (ECB) gave no clear hints of further monetary easing, while and the Bank of England (BoE) decided not to restart its asset purchases programme.
In the Asian session, at GMT0400, Gold is trading at 1577.95, marginally lower from yesterday’s close.
Gold is expected to find support at 1573.42, and a fall through could take it to the next support level of 1568.88. Gold is expected to find its first resistance at 1584.12, and a rise through could take it to the next resistance level of 1590.28.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.