Gold Movement
Gold prices extended its previous session losses and fell by 1.43% against the USD in the 24 hour period ending 23:00GMT, at 1623.40 per ounce, after diminishing hopes of more monetary stimulus from the US central bank.
In the Asian session, at GMT0300, Gold is trading at 1625.14, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1610.02, and a fall through could take it to the next support level of 1594.90. Gold is expected to find its first resistance at 1642.73, and a rise through could take it to the next resistance level of 1660.32.
The yellow metal is converging with its 20 Hr and trading well below its 50 Hr moving average.
