Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24 hour period ending 23:00GMT, at 1618.55 per ounce, as the weak US retail sales data fueled already growing expectations that the Federal Reserve is planning to stimulate the US economy.
In the Asian session, at GMT0300, Gold is trading at 1617.95, 0.04% lower from yesterday’s close.
Gold is expected to find support at 1608.79, and a fall through could take it to the next support level of 1599.64. Gold is expected to find its first resistance at 1626.01, and a rise through could take it to the next resistance level of 1634.07.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
