Gold Movement
Gold prices traded higher by 2.56% against the USD in the 24 hour period ending 23:00GMT, at 1,657.95 per ounce, as concerns over a slowdown in global growth and Europe’s debt crisis spurred appeal for safe-haven assets.
Gold prices also rose following the news that the Bank of Korea had made its first gold purchase in more than a decade. In the Asian session at 3:00GMT, gold is trading at USD 1,654.69 per ounce, 0.20% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,671.06, with the next resistance at 1,687.44. The pair is expected to find support at 1,628.70 and subsequently at 1,602.72.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
