Gold Movement
Gold prices traded higher by 1.86% against the USD in the 24 hour period ending 23:00GMT, at 1,748.38 per ounce, as the US dollar weakened after six major central banks announced a coordinated move to make additional liquidity available to stem Euro-zone debt crisis.
In a joint statement, the Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank stated that they had agreed to lower dollar swap rates by 0.5% to prevent a lack of liquidity in the global financial system.
In the Asian session, at GMT0400, Gold is trading at 1746.55, 0.10% lower from yesterday’s close.
Gold is expected to find support at 1714.99, and a fall through could take it to the next support level of 1683.42. Gold is expected to find its first resistance at 1764.20, and a rise through could take it to the next resistance level of 1781.84.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
