Gold Movement
Gold prices traded higher by 0.61% against the USD in the 24 hour period ending 23:00GMT, at 1577.30 per ounce, recovering from recent lows on fresh buying.
Meanwhile, yesterday’s economic data on employment, manufacturing and consumer prices pointed to a tepid recovery in the US economy and boosted hopes that the Federal Reserve’s monetary stimulus would stay in place.
In the Asian session, at GMT0400, Gold is trading at 1583.45, 0.39% higher from yesterday’s close.
Gold is expected to find support at 1566.94, and a fall through could take it to the next support level of 1550.44. Gold is expected to find its first resistance at 1592.51, and a rise through could take it to the next resistance level of 1601.58.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
