Gold Movement
Gold prices traded higher by 0.45% against the USD in the 24 hour period ending 23:00GMT, at 1,541.28 per ounce, as weakened dollar along with disappointing US economic data spurred demand for precious metals.
In the Asian session at 3:00GMT, gold is trading at USD 1,538.68 per ounce, 0.17% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,549.87, with the next resistance at 1,561.06. The pair is expected to find support at 1,528.07 and subsequently at 1,517.46.
The yellow metal is showing convergence with its 20 Hr and its 50 Hr moving averages.
