Gold Movement
Gold prices traded lower by 1.95% against the USD in the 24 hour period ending 23:00GMT, at 1590.89 per ounce, after the US Federal Reserve Chairman, Ben Bernanke refrained from signaling imminent measures that the central bank might take to bolster the economy.
In the Asian session, at GMT0300, Gold is trading at 1570.24, 1.30% lower from yesterday’s close.
Gold is expected to find support at 1540.13, and a fall through could take it to the next support level of 1510.02. Gold is expected to find its first resistance at 1614.85, and a rise through could take it to the next resistance level of 1659.46.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
