Gold Movement
Gold prices traded lower by 1.17% against the USD in the 24 hour period ending 23:00GMT, at 1647.60 per ounce, as the dollar gained strength.
In the Asian session, at GMT0400, Gold is trading at 1645.15, 0.15% lower from yesterday’s close, as the Lunar New Year break in many Asian countries curbed physical demand.
Gold is expected to find support at 1635.46, and a fall through could take it to the next support level of 1625.76. Gold is expected to find its first resistance at 1662.29, and a rise through could take it to the next resistance level of 1679.42.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
