Gold Movement
Gold prices traded higher by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1597.23 per ounce, as hopes of more easing from central banks after a string of bleak global macroeconomic data from China, Europe and the US, supported precious metal appeal.
In the Asian session, at GMT0300, Gold is trading at 1599.82, 0.16% higher from yesterday’s close.
Gold is expected to find support at 1590.59, and a fall through could take it to the next support level of 1581.37. Gold is expected to find its first resistance at 1605.88, and a rise through could take it to the next resistance level of 1611.95.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
