Gold Movement
Gold prices traded higher by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1739.82 per ounce, after risk appetite for precious metal rose, following the reports that after 25 countries in the Euro-zone has signed for tighter fiscal compact. Disappointing US economic data further supported gold prices.
In the Asian session, at GMT0400, Gold is trading at 1738.87, 0.05% lower from yesterday’s close.
Gold is expected to find support at 1727.60, and a fall through could take it to the next support level of 1716.32. Gold is expected to find its first resistance at 1748.97, and a rise through could take it to the next resistance level of 1759.07.
The yellow metal is converging with its 20 Hr and trading just above its 50 Hr moving average.
