Gold Movement
On Friday Gold prices traded lower by 0.65% against the USD in the 24 hour period ending 24:00GMT, at 1662.79 per ounce, after growing inflation pressure in China dented hopes for more stimulus.
In the Asian session, at GMT0400, Gold is trading at 1666.05, 0.20% higher from Friday’s close.
Gold is expected to find support at 1654.08, and a fall through could take it to the next support level of 1642.12. Gold is expected to find its first resistance at 1677.52, and a rise through could take it to the next resistance level of 1688.98.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
