Gold Movement
Gold prices traded lower by 2.02% against the USD in the 24 hour period ending 23:00GMT, at 1643.10 per ounce, amid stronger greenback and as the US Federal Reserve dampened hopes of another round of quantitative easing.
In the Asian session, at GMT0400, Gold is trading at 1645.85, 0.17% higher from yesterday’s close.
Gold is expected to find support at 1626.19, and a fall through could take it to the next support level of 1606.52. Gold is expected to find its first resistance at 1673.98, and a rise through could take it to the next resistance level of 1702.10.
The yellow metal is showing convergence with its 20 Hr while trading well below its 50 Hr moving average.
