Gold Movement
Gold prices traded lower by 0.30% against the USD in the 24 hour period ending 23:00GMT, at 1656.39 per ounce, as the dollar strengthened.
In the Asian session, at GMT0400, Gold is trading at 1657.04, marginally higher from yesterday’s close, as investors await the outcome of the Bank of England and European Central Bank meetings scheduled later today.
Gold is expected to find support at 1650.38, and a fall through could take it to the next support level of 1643.73. Gold is expected to find its first resistance at 1664.86, and a rise through could take it to the next resistance level of 1672.67.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
