Gold Movement
Gold prices traded higher by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1757.35 per ounce, as Greek default concerns triggered safe haven buying in the precious metal. The yellow metal rose further, after Federal Reserve Chairman, Ben Bernanke cautioned that the US outlook is still “uncertain,” boosting speculation that the Fed would increase stimulus measures.
In the Asian session, at GMT0400, Gold is trading at 1755.93, 0.08% lower from yesterday’s close.
Gold is expected to find support at 1744.33, and a fall through could take it to the next support level of 1732.72. Gold is expected to find its first resistance at 1764.37, and a rise through could take it to the next resistance level of 1772.81.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
