Gold Movement
Gold prices traded lower by 2.71% against the USD in the 24 hour period ending 23:00GMT, at 1,666.18 per ounce, as dollar rose following concerns that there still could be a possible downgrade of European nations’ sovereign debt by rating agencies.
In the Asian session, at GMT0400, Gold is trading at 1655.45, 0.64% lower from yesterday’s close.
Gold is expected to find support at 1634.44, and a fall through could take it to the next support level of 1613.42. Gold is expected to find its first resistance at 1692.96, and a rise through could take it to the next resistance level of 1730.46.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
