Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.92% against the USD and closed at USD1638.10 per ounce, as a surge in US initial jobless claims increased demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1635.0, with gold trading 0.19% lower against the USD from yesterday’s close.
The pair is expected to find support at 1604.93, and a fall through could take it to the next support level of 1574.87. The pair is expected to find its first resistance at 1655.33, and a rise through could take it to the next resistance level of 1675.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
