Gold Movement
Gold prices traded higher by 1.54% against the USD in the 24 hour period ending 23:00GMT, at 1,745.88 per ounce, as investors cheered to the Europe’s plan to address the region’s debt crisis. Meanwhile, a weaker U.S. dollar also added to the precious metals gain. .
In the Asian session, at GMT0300, Gold is trading at 1745.27, slightly lower from yesterday’s close.
Gold is expected to find support at 1716.83, and a fall through could take it to the next support level of 1688.38. Gold is expected to find its first resistance at 1763.27, and a rise through could take it to the next resistance level of 1781.26.
The yellow metal is trading lower with its 20 Hr and 50 Hr moving averages.
