Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1680.65 per ounce.
In an update to its Gold Survey 2012, the global metal consultancy firm, GFMS, said that it expects gold to extend its more than a decade-long bull run in 2013, with prices potentially testing $1,900 per ounce in the first half of the year as solid demand for the metal from central banks and from opportunistic buyers in India and China outweighs a “sizeable bearish contingent” in the market.
In the Asian session, at GMT0400, Gold is trading at 1678.50, 0.13% lower from yesterday’s close.
Gold is expected to find support at 1673.20, and a fall through could take it to the next support level of 1667.91. Gold is expected to find its first resistance at 1684.34, and a rise through could take it to the next resistance level of 1690.19.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
