Gold Movement
Gold prices traded higher by 0.98% against the USD in the 24 hour period ending 23:00GMT, at 1687.44 per ounce, after the US policymakers settled a deal to avoid tax hikes that threatened to send the economy back to a recession.
In the Asian session, at GMT0400, Gold is trading at 1688.23, 0.05% higher from yesterday’s close.
Gold is expected to find support at 1678.27, and a fall through could take it to the next support level of 1668.31. Gold is expected to find its first resistance at 1696.62, and a rise through could take it to the next resistance level of 1705.01.
The yellow metal is converging with its 20 Hr and trading above its 50 Hr moving average.
