Gold Movement
On Friday Gold prices traded higher by 1.27% against the USD in the 24 hour period ending 23:00GMT, at 1588.75 per ounce, as the greenback weakened on speculation of monetary easing by the Federal Reserve following weak consumer confidence data from the US.
In the Asian session, at GMT0300, Gold is trading at 1586.07, 0.17% lower from Friday’s close.
Gold is expected to find support at 1570.67, and a fall through could take it to the next support level of 1555.27. Gold is expected to find its first resistance at 1599.20, and a rise through could take it to the next resistance level of 1612.33.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
