Gold prices traded lower by 0.07% against the USD in the 24 hour period ending 23:00GMT, at 1660.68 per ounce.
A leading broker cut its 2012 full-year forecast for gold by 18% to $1,680 per ounce, citing a continued improvement in the global economic outlook, particularly in the US.
In the Asian session, at GMT0300, Gold is trading at 1662.77, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1650.66, and a fall through could take it to the next support level of 1638.55. Gold is expected to find its first resistance at 1669.47, and a rise through could take it to the next resistance level of 1676.17.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
