Gold Movement
On Friday Gold prices traded higher by 0.14% against the USD in the 24 hour period ending 23:00GMT, at 1584.60 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1579.10, 0.35% lower from Friday’s close, as the US Dollar strengthened, as worries about the Euro-zone debt crisis deepened after Spain stoked fears that it might need a sovereign bailout.
Gold is expected to find support at 1572.98, and a fall through could take it to the next support level of 1566.87. Gold is expected to find its first resistance at 1586.23, and a rise through could take it to the next resistance level of 1593.37.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
