Gold Movement
Gold prices traded higher by 0.22% against the USD in the 24 hour period ending 23:00GMT, at 1641.90 per ounce, as greenback weakened amid uninspiring US housing and consumer confidence data.
The Federal Reserve is set to release its statement on monetary policy later in the day, with markets hoping for more insight over whether the Fed sees a need for more stimulus measures.
In the Asian session, at GMT0300, Gold is trading at 1641.78, marginally lower from yesterday’s close.
Gold is expected to find support at 1634.16, and a fall through could take it to the next support level of 1626.54. Gold is expected to find its first resistance at 1649.38, and a rise through could take it to the next resistance level of 1656.99.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
