Gold Movement
Gold prices traded higher by 0.78% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,536.00 per ounce, supported by a weaker dollar and worries over the ability of the European Union to manage member states’ debt crisis.
In the Asian session at 3:00GMT, gold is trading at USD 1,535.75 per ounce, 0.02% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,542.06, with the next resistance at 1,548.38. The pair is expected to find support at 1,525.77 and subsequently at 1,515.80.
The pair is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
