Gold Movement
Gold prices traded lower by 0.57% against the USD in the 24 hour period ending 23:00GMT, at 1720.88 per ounce, as renewed fears that Greece would fail to reach an acceptable deal with its private creditors weakened demand for the yellow metal.
In the Asian session, at GMT0400, Gold is trading at 1720.70, 0.01% lower from yesterday’s close.
Gold is expected to find support at 1709.02, and a fall through could take it to the next support level of 1697.34. Gold is expected to find its first resistance at 1735.31, and a rise through could take it to the next resistance level of 1749.91.
The yellow metal is converging with its 20 Hr moving average and trading below its 50 Hr moving average.
