Gold Movement
Gold prices traded higher by 0.10% against the USD in the 24 hour period ending 23:00GMT, at 1667.35 per ounce, as investors await the US Federal Reserve Chairman, Ben Bernanke’s speech later this week for any hints of further stimulus measures.
In the Asian session, at GMT0300, Gold is trading at 1667.70, marginally higher from yesterday’s close.
Gold is expected to find support at 1659.35, and a fall through could take it to the next support level of 1651.00. Gold is expected to find its first resistance at 1674.20, and a rise through could take it to the next resistance level of 1680.70.
The yellow metal is converging with its 20 Hr and 50 Hr moving averages.
