Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1590.75 per ounce.
Earlier, gold prices were pressured after upbeat US labour market data added to evidence of an economic recovery, making safe-haven assets like the yellow metal less attractive. However, Gold prices later rebounded on bargain hunting.
In the Asian session, at GMT0400, Gold is trading at 1591.09, marginally higher from yesterday’s close.
Gold is expected to find support at 1580.85, and a fall through could take it to the next support level of 1570.61. Gold is expected to find its first resistance at 1597.43, and a rise through could take it to the next resistance level of 1603.77.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
