Gold Movement
On Friday Gold prices traded lower by 0.34% against the USD in the 24 hour period ending 24:00GMT, at 1576.23 per ounce, as the greenback strengthened.
In the Asian session, at GMT0400, Gold is trading at 1577.27, marginally higher from Friday’s close.
Gold is expected to find support at 1565.56, and a fall through could take it to the next support level of 1553.84. Gold is expected to find its first resistance at 1588.31, and a rise through could take it to the next resistance level of 1599.34.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
