Gold Movement
Gold prices traded lower by 0.30% against the USD in the 24 hour period ending 23:00GMT, at 1,613.75 per ounce. The losses were however capped as deadlock over raising the US debt limit pushed risk-averse investors to hold the safe-haven asset.
In the Asian session at 3:00GMT, gold is trading at USD 1,613.10 per ounce, marginally lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,620.20, with the next resistance at 1,627.31. The pair is expected to find support at 1,607.44 and subsequently at 1,601.79.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
