Gold Movement
Gold prices traded higher by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1622.40 per ounce, as weak economic data from the US raised expectation for monetary stimulus by the Federal Reserve to boost the nations’ economy.
In the Asian session, at GMT0300, Gold is trading at 1625.82, 0.21% higher from yesterday’s close.
Gold is expected to find support at 1614.26, and a fall through could take it to the next support level of 1602.71. Gold is expected to find its first resistance at 1632.70, and a rise through could take it to the next resistance level of 1639.58.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
