Gold Movement
On Friday Gold prices traded higher by 3.01% against the USD in the 24 hour period ending 23:00GMT, at 1598.32 per ounce, as the greenback weakened.
In the Asian session, at GMT0300, Gold is trading at 1592.2, 0.38% lower from Friday’s close.
Gold is expected to find support at 1562.64, and a fall through could take it to the next support level of 1533.08. Gold is expected to find its first resistance at 1614.47, and a rise through could take it to the next resistance level of 1636.74.
The yellow metal is showing convergence with its 20 Hr moving average and trading well above its 50 Hr moving average.
