Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24 hour period ending 23:00GMT, at 1717.78 per ounce, boosted by concerns of inflation and of a weaker dollar.
In the Asian session, at GMT0400, Gold is trading at 1720.92, 0.18% higher from yesterday’s close.
Gold is expected to find support at 1705.80, and a fall through could take it to the next support level of 1690.68. Gold is expected to find its first resistance at 1733.39, and a rise through could take it to the next resistance level of 1745.85.
The yellow metal is converging with its 20 Hr and trading above its 50 Hr moving average.
