Gold Movement
Gold prices traded higher by 0.86% against the USD in the 24 hour period ending 23:00GMT, at 1,678.72 per ounce, as the dollar weakened after the European officials delivered a plan for recapitalising the region’s banks, easing fears over the debt crisis.
In the Asian session, at GMT0300, Gold is trading at 1679.35, slightly higher from yesterday’s close.
Gold is expected to find support at 1664.59, and a fall through could take it to the next support level of 1649.84. Gold is expected to find its first resistance at 1693.14, and a rise through could take it to the next resistance level of 1706.94.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
