Gold Movement
Gold prices traded higher by 0.20% against the USD in the 24 hour period ending 23:00GMT, at 1561.65 per ounce, portraying its safe haven appeal after the International Monetary Fund (IMF) revised down its growth outlook for the US economy to 1.7% in 2013, from 2.0% forecasted earlier.
In the Asian session, at GMT0300, Gold is trading at 1561.99, marginally higher from yesterday’s close.
Gold is expected to find support at 1555.07, and a fall through could take it to the next support level of 1548.15. Gold is expected to find its first resistance at 1568.72, and a rise through could take it to the next resistance level of 1575.45.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
