Gold Movement
Gold prices traded higher by 1.39% against the USD in the 24 hour period ending 23:00GMT, at 1,739.03 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1729.93, 0.52% lower from yesterday’s close, tracking the downbeat sentiment in riskier assets as investors remained concerned over the eurozone’s debt crisis ahead of a Group of 20 summit.
Gold is expected to find support at 1718.29, and a fall through could take it to the next support level of 1706.64. Gold is expected to find its first resistance at 1742.99, and a rise through could take it to the next resistance level of 1756.04.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
