Gold Movement
Gold prices traded lower by 0.90% against the USD in the 24 hour period ending 23:00GMT, at 1,589.80 per ounce, as easing concerns over the US economic recovery and European debt crisis decreased appeal for safe-haven assets.
In the Asian session at 3:00GMT, gold is trading at USD 1,591.50 per ounce, 0.11% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,606.83, with the next resistance at 1,622.15. The pair is expected to find support at 1,579.45 and subsequently at 1,567.39.
The pair is trading just below its 20 Hr and its 50 Hr moving averages.
