Gold Movement
On Friday, Gold prices traded lower by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1721.67per ounce, amid profit booking
In the Asian session, at GMT0400, Gold is trading at 1734.97, 0.77% higher from Friday’s close, after China’s central bank cut its reserve-ratio by 50 basis point and on hopes for Greece to secure a bailout deal at a meeting with Euro-zone officials later in the day.
Gold is expected to find support at 1722.41, and a fall through could take it to the next support level of 1709.84. Gold is expected to find its first resistance at 1742.44, and a rise through could take it to the next resistance level of 1749.90.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
