Gold Movement
Gold prices traded higher by 1.14% against the USD in the 24 hour period ending 23:00GMT, at 1,710.40 per ounce, as investors’ optimism grew after reports that European officials have made some progress in reining in sovereign-debt crisis and are arriving at a plan for their bailout fund.
In the Asian session, at GMT0400, Gold is trading at 1710.38, flat from yesterday’s close.
Gold is expected to find support at 1702.84, and a fall through could take it to the next support level of 1695.29. Gold is expected to find its first resistance at 1719.19, and a rise through could take it to the next resistance level of 1727.99.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
