Gold Movement
Gold prices traded higher by 0.21% against the USD in the 24 hour period ending 23:00GMT on Friday, at 1659.47 per ounce, on a weaker greenback.
During the day, Gold had come under pressure amid India’s proposal to hike customs duty on imported gold and silver to 4% from the current 2%.
In the Asian session, at GMT0400, Gold is trading at 1663.74, 0.26% higher from Friday’s close.
Gold is expected to find support at 1647.29, and a fall through could take it to the next support level of 1630.84. Gold is expected to find its first resistance at 1672.61, and a rise through could take it to the next resistance level of 1681.48.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
