Gold Movement
Gold prices traded lower by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1664.32 per ounce.
Yesterday, a leading broker lowered its 2013 price forecast for gold to $1790 per ounce from $1865, while retaining its positive outlook on the yellow metal.
In the Asian session, at GMT0400, Gold is trading at 1661.45, 0.17% lower from yesterday’s close, after China’s manufacturing PMI came in lower-than-expected, stoking fears that the economic recovery in the world’s second largest economy may be faltering.
Gold is expected to find support at 1652.83, and a fall through could take it to the next support level of 1644.22. Gold is expected to find its first resistance at 1675.43, and a rise through could take it to the next resistance level of 1689.42.
The yellow metal is trading below its 20 Hr and 50 Hr moving average.
