Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1651.40 per ounce, after a successful Spanish debt auction eased fears about the Euro-zone debt crisis, but the upside were capped as sentiment remains under pressure ahead of a longer-term debt sale in Spain later this week.
In the Asian session, at GMT0300, Gold is trading at 1651.14, slightly lower from yesterday’s close.
Gold is expected to find support at 1638.03, and a fall through could take it to the next support level of 1624.92. Gold is expected to find its first resistance at 1660.92, and a rise through could take it to the next resistance level of 1670.70.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
