Gold Movement
Gold prices traded lower by 1.15% against the USD in the 24 hour period ending 23:00GMT, at 1648.44 per ounce, as the Euro fell against the dollar and talks to avoid a fiscal crisis in the US seemed to stall again, turning away investors from the precious metal.
In the Asian session, at GMT0400, Gold is trading at 1641.66, 0.41% lower from yesterday’s close.
Gold is expected to find support at 1627.58, and a fall through could take it to the next support level of 1613.50. Gold is expected to find its first resistance at 1663.85, and a rise through could take it to the next resistance level of 1686.04.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
