Gold Movement
Gold prices traded lower by 0.60% against the USD in the 24 hour period ending 23:00GMT, at 1657.35 per ounce, as upwardly revised figures for US economic growth triggered profit-taking in the yellow metal after its recent rally on speculation of new stimulus from the Federal Reserve.
In the Asian session, at GMT0300, Gold is trading at 1658.25, 0.05% higher from yesterday’s close.
Gold is expected to find support at 1650.45, and a fall through could take it to the next support level of 1642.65. Gold is expected to find its first resistance at 1668.00, and a rise through could take it to the next resistance level of 1677.75.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
