Gold Movement
On Friday Gold prices traded lower by 0.66% against the USD in the 24 hour period ending 24:00GMT, at 1714.65 per ounce,
In the Asian session, at GMT0400, Gold is trading at 1719.97, 0.31% higher from Friday’s close, as robust Chinese manufacturing and service-sector data and fueled hopes for a rise in demand for the precious metal.
In China, the HSBC Purchasing Managers’ Index (PMI) for manufacturing rose to a reading of 50.5 in November, compared to a reading of 49.5 recorded in the previous month.
Gold is expected to find support at 1708.44, and a fall through could take it to the next support level of 1696.91. Gold is expected to find its first resistance at 1731.63, and a rise through could take it to the next resistance level of 1743.29.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
