Gold Movement
Gold prices traded flat against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,722.85 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1722.60, marginally lower from Friday’s close, as investors remained cautious even after Spain’s centre-right opposition won in the election and is expected to launch drastic austerity measures.
Gold is expected to find support at 1711.12, and a fall through could take it to the next support level of 1699.63. Gold is expected to find its first resistance at 1735.82, and a rise through could take it to the next resistance level of 1749.03.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
