Gold Movement
Gold prices traded higher by 0.52% against the USD, on Friday in the 24 hour period ending 23:00GMT, at 1,484.50 per ounce, as mounting inflation around the globe and Europe’s sovereign-debt crisis prompted investors to buy the precious metals.
In the Asian session at 3:00GMT, gold is trading at USD 1,485.33 per ounce, 0.06% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,492.35, with the next resistance at 1,499.36. The pair is expected to find support at 1,474.68 and subsequently at 1,464.02.
The yellow metal is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
