Gold Movement
Gold prices traded lower by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1665.75 per ounce, amid profit booking after an early rally on speculation that the US Federal Reserve may unveil another round of monetary stimulus at a central bankers’ meeting later this week.
In the Asian session, at GMT0300, Gold is trading at 1659.15, marginally lower from yesterday’s close.
Gold is expected to find support at 1652.17, and a fall through could take it to the next support level of 1645.18. Gold is expected to find its first resistance at 1671.47, and a rise through could take it to the next resistance level of 1683.78.
The yellow metal is trading below with its 20 Hr and 50 Hr moving averages.
