Gold Movement
Gold prices traded higher by 1.50% against the USD in the 24 hour period ending 23:00GMT, at 1426.60 per ounce, to finish above $1,400 per ounce, buoyed by rise in physical demand for the precious metal.
In the Asian session, at GMT0300, Gold is trading at 1428.09, 0.10% higher from yesterday’s close.
Gold is expected to find support at 1416.99, and a fall through could take it to the next support level of 1405.90. Gold is expected to find its first resistance at 1439.24, and a rise through could take it to the next resistance level of 1450.40.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
