Gold Movement
On Friday, Gold prices traded lower by 0.46% against the USD, at 1608.58 per ounce, as demand for the safe haven metal decreased following news that Greece may raise the stakes it owns in Cypriot banks to ease the financial crisis.
In the Asian session, at GMT0400, Gold is trading at 1612.27, 0.23% higher from Friday’s close.
Gold is expected to find support at 1604.95, and a fall through could take it to the next support level of 1597.62. Gold is expected to find its first resistance at 1617.62, and a rise through could take it to the next resistance level of 1622.96.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
