Gold Movement
Gold prices traded lower by 1.75% against the USD in the 24 hour period ending 23:00GMT, at 1558.61 per ounce, after Goldman Sachs slashed its price forecast on the precious metal, while the minutes of the US Fed meeting failed to give any indication as to when to windup the quantitative easing (QE).
Precious metal also came under pressure, after Cyprus officials indicated that they plan to dispose nation’s gold reserves to contribute to the country’s bailout.
In the Asian session, at GMT0300, Gold is trading at 1560.96, 0.15% higher from yesterday’s close.
Gold is expected to find support at 1546.79, and a fall through could take it to the next support level of 1532.62. Gold is expected to find its first resistance at 1581.99, and a rise through could take it to the next resistance level of 1603.02.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
