Gold Movement
Gold prices traded higher by 0.65% against the USD in the 24 hour period ending 23:00GMT, at 1592.80 per ounce, as demand prospects for the yellow metal increased after the European Central Bank (ECB) policymaker, Jens Weidmann indicated that inflation pressure relief in the Euro-zone could act a catalyst for further easing measures by the region’s central bank.
In the Asian session, at GMT0400, Gold is trading at 1593.22, marginally higher from yesterday’s close.
Gold is expected to find support at 1583.79, and a fall through could take it to the next support level of 1574.37. Gold is expected to find its first resistance at 1600.72, and a rise through could take it to the next resistance level of 1608.23.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
