Gold Movement
Gold prices traded lower by 1.23% against the USD in the 24 hour period ending 23:00GMT, at 1676.51 per ounce, as demand for the precious metal decreased amid hopes that a resolution for the fiscal cliff is approaching.
In the Asian session, at GMT0400, Gold is trading at 1672.25, 0.25% lower from yesterday’s close.
Gold is expected to find support at 1654.50, and a fall through could take it to the next support level of 1636.75. Gold is expected to find its first resistance at 1696.64, and a rise through could take it to the next resistance level of 1721.02.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
