- Gold Movement
Gold prices traded lower by 0.46% against the USD in the 24 hour period ending 23:00GMT, at 1,690.55 per ounce, amid a stronger dollar and as concerns that the Euro-zone’s sovereign debt crisis was worsening prompted investors to sell their gold positions to raise liquidity and cover losses elsewhere.
In the Asian session, at GMT0400, Gold is trading at 1689.43, 0.07% lower from yesterday’s close.
Gold is expected to find support at 1674.45, and a fall through could take it to the next support level of 1659.47. Gold is expected to find its first resistance at 1707.37, and a rise through could take it to the next resistance level of 1725.30.
The yellow metal is showing convergence with its 20 Hr and its 50 Hr moving averages.
