Gold Movement
Gold prices traded lower by 1.83% against the USD in the 24 hour period ending 23:00GMT, at 1647.00 per ounce, as the dollar strengthened after the Federal Reserve’s minutes revealed that the central bank sees no need for further monetary easing.
In the Asian session, at GMT0300, Gold is trading at 1643.67, 0.20% lower from yesterday’s close.
Gold is expected to find support at 1628.08, and a fall through could take it to the next support level of 1612.50. Gold is expected to find its first resistance at 1670.16, and a rise through could take it to the next resistance level of 1696.66.
The yellow metal is trading well below its 20 Hr and 50 Hr moving averages.
