Gold Movement
Gold prices traded lower by 0.87% against the USD in the 24 hour period ending 23:00GMT, at 1600.50 per ounce, as the greenback strengthened after the Federal Reserve offered no measures to stimulate the economy.
In the Asian session, at GMT0300, Gold is trading at 1602.75, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1590.31, and a fall through could take it to the next support level of 1577.87. Gold is expected to find its first resistance at 1616.88, and a rise through could take it to the next resistance level of 1631.01.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
