Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24 hour period ending 23:00GMT, at 1768.20per ounce, softened by easing physical demand from Asia, specifically, India and China. The yellow metal was also pressured as concerns over the Euro-zone debt crisis resurfaced, after G-20 finance ministers held off on boosting funding for the International Monetary Fund.
In the Asian session, at GMT0400, Gold is trading at 1769.09, 0.05% higher from yesterday’s close.
Gold is expected to find support at 1760.67, and a fall through could take it to the next support level of 1752.24. Gold is expected to find its first resistance at 1778.53, and a rise through could take it to the next resistance level of 1787.97.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
