Gold Movement
Gold prices traded lower by 1.57% against the USD in the 24 hour period ending 23:00GMT, at 1661.04 per ounce, as the dollar strengthened after the FOMC minutes indicated that quantitative easing may be ending this calendar year.
In the Asian session, at GMT0400, Gold is trading at 1650.74, 0.62% lower from yesterday’s close.
Gold is expected to find support at 1634.61, and a fall through could take it to the next support level of 1618.47. Gold is expected to find its first resistance at 1677.74, and a rise through could take it to the next resistance level of 1704.74.
The yellow metal is trading much below its 20 Hr and 50 Hr moving averages.
