Gold Movement
Gold prices traded lower by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1072.50 per ounce. However, gold prices pared its losses, as the greenback weakened after the US Q3 GDP growth data was revised downwards.
In the Asian session, at GMT0400, the pair is trading at 1073.30, with the gold trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1069.56, and a fall through could take it to the next support level of 1065.83. The pair is expected to find its first resistance at 1078.66, and a rise through could take it to the next resistance level of 1084.03.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
