Gold Movement
Gold prices traded lower by 1.17% against the USD in the 24 hour period ending 23:00GMT, at 1,653.57 per ounce, amid speculation that commodity regulators would pass new rules to set position limits on futures trading.
In the Asian session, at GMT0300, Gold is trading at 1662.23, 0.52% higher from yesterday’s close.
Gold is expected to find support at 1634.81, and a fall through could take it to the next support level of 1607.40. Gold is expected to find its first resistance at 1682.48, and a rise through could take it to the next resistance level of 1702.74.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
