Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.53% against the USD and closed at USD1637.70 per ounce, amid rise in global equities and upbeat US economic data.
In the Asian session, at GMT0400, the pair is trading at 1639.70, with gold trading 0.12% higher against the USD from yesterday’s close.
The pair is expected to find support at 1631.33, and a fall through could take it to the next support level of 1622.97. The pair is expected to find its first resistance at 1649.33, and a rise through could take it to the next resistance level of 1658.97.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
