Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1611.00 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1614.65, 0.23% higher from yesterday’s close, boosted by strong physical buying in Asia, however firmer US Dollar kept a lid on gains.
Gold is expected to find support at 1608.81, and a fall through could take it to the next support level of 1602.96. Gold is expected to find its first resistance at 1618.99, and a rise through could take it to the next resistance level of 1623.32.
The yellow metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
