Gold Movement
Gold prices traded lower by 1.69% against the USD in the 24 hour period ending 23:00GMT, at 1,723.43 per ounce, as European leaders worked to resolve the region’s sovereign-debt crisis, reducing demand for the precious metal. The precious metal extended its losses, as the US dollar edged higher, after S&P warned of possible credit-rating downgrades on 15 European nations.
In the Asian session, at GMT0400, Gold is trading at 1714.63, 0.51% lower from yesterday’s close.
Gold is expected to find support at 1702.11, and a fall through could take it to the next support level of 1689.58. Gold is expected to find its first resistance at 1738.33, and a rise through could take it to the next resistance level of 1762.02.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
