Gold Movement
On Friday Gold prices traded higher by 2.13% against the USD in the 24 hour period ending 23:00GMT, at 1737.29 per ounce, as the greenback weakened, amid speculation of monetary easing by Federal Reserve after a report showed a smaller-than-expected rise in the US nonfarm payrolls in August.
In the Asian session, at GMT0300, Gold is trading at 1737.9, marginally higher from Friday’s close.
Gold is expected to find support at 1704.17, and a fall through could take it to the next support level of 1670.43. Gold is expected to find its first resistance at 1756.67, and a rise through could take it to the next resistance level of 1775.43.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
