Gold Movement
Gold prices traded higher by 0.51% against the USD in the 24 hour period ending 23:00GMT, at 1583.60 per ounce, missing to break above a key resistance at $1585 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1584.26, marginally higher from yesterday’s close.
However, bullion investors await the outcomes of policy meetings of the European Central Bank and the Bank of England later in the day, after the Bank of Japan kept its policy on hold as expected.
Gold is expected to find support at 1572.56, and a fall through could take it to the next support level of 1560.85. Gold is expected to find its first resistance at 1591.01, and a rise through could take it to the next resistance level of 1597.75.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
