On Friday, Gold prices traded higher by 2.15% against the USD in the 24 hour period ending 23:00GMT, at 1691.46 per ounce, as the greenback weakened after the Federal Reserve Chairman, Ben Bernanke, stated that the US economy is ‘far from satisfactory’.
In the Asian session, at GMT0300, Gold is trading at 1689.35, 0.12% lower from Friday’s close.
Gold is expected to find support at 1659.96, and a fall through could take it to the next support level of 1630.56. Gold is expected to find its first resistance at 1705.89, and a rise through could take it to the next resistance level of 1722.42.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.