Gold Movement
Gold prices traded lower by 0.13% against the USD in the 24 hour period ending 23:00GMT, at 1621.28 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1623.2, 0.12% higher from yesterday’s close, amid expectation that the Federal Reserve and the European Central Bank (ECB) would move to stimulate their respective economies in monetary policy meeting this week.
Gold is expected to find support at 1616.59, and a fall through could take it to the next support level of 1609.97. Gold is expected to find its first resistance at 1627.61, and a rise through could take it to the next resistance level of 1632.01.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
