Gold Movement
Gold prices traded higher by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1713.90 per ounce, bolstered by stronger demand from India and amid encouraging UK economic growth data. Expectations that the Bank of Japan would loosen its monetary policy, further supported prices.
In the Asian session, at GMT0300, Gold is trading at 1709.34, 0.27% lower from yesterday’s close.
Gold is expected to find support at 1704.07, and a fall through could take it to the next support level of 1698.81. Gold is expected to find its first resistance at 1716.37, and a rise through could take it to the next resistance level of 1723.39.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
