Gold Movement
Gold prices traded lower by 1.35% against the USD in the 24 hour period ending 23:00GMT, at 1676.95per ounce, as the dollar strengthened after the Federal Reserve vowed to keep interest rates low until 2014.
In the Asian session, at GMT0400, Gold is trading at 1677.52, 0.03% higher from yesterday’s close.
Gold is expected to find support at 1657.89, and a fall through could take it to the next support level of 1638.27. Gold is expected to find its first resistance at 1701.38, and a rise through could take it to the next resistance level of 1725.24.
The yellow metal is trading well below its 20 Hr and 50 Hr moving averages.
