Gold Movement
Gold prices traded lower by 0.53% against the USD in the 24 hour period ending 23:00GMT, at 1653.60 per ounce, as weak physical demand and growing speculation that the Federal Reserve is less likely to intervene in the economy despite the lackluster ADP data sent investors running to the US dollar.
In the Asian session, at GMT0300, Gold is trading at 1648.10, 0.33% lower from yesterday’s close.
Gold is expected to find support at 1642.76, and a fall through could take it to the next support level of 1637.41. Gold is expected to find its first resistance at 1656.88, and a rise through could take it to the next resistance level of 1665.66.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
