Gold Movement
On Friday Gold prices traded lower by 0.61% against the USD in the 24 hour period ending 24:00GMT, at 1658.75 per ounce, as signs that the Euro-zone crisis is stabilizing and the US recovery is gaining traction drove investors away from the safe haven metal.
In the Asian session, at GMT0400, Gold is trading at 1660.15, marginally higher from Friday’s close, after data showed that central banks in Russia and Kazakhstan increased holdings last month.
Central banks around the world have been expanding their gold reserves as the metal rallied for 12 years through 2012. According to data released on the International Monetary Fund, latest in line were Kazakhstan, whose stockpile expanded 1.7% to 115.3 metric tons last month, while Russia added 2.1% to 957.8 tons.
Gold is expected to find support at 1653.29, and a fall through could take it to the next support level of 1646.43. Gold is expected to find its first resistance at 1669.74, and a rise through could take it to the next resistance level of 1679.33.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
