Gold Movement
Gold prices traded higher by 0.78% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,662.70 per ounce, amid concerns over deteriorating economic conditions in the US and Euro zone.
In the Asian session at 3:00GMT, gold is trading at USD 1,696.34 per ounce, 2.02% higher from 23:00GMT, after Standard & Poor’s lowered the top US credit rating, fuelling concerns that the global economy is slowing and raising the safe haven demand for the gold.
The pair is expected to find its first short term resistance at 1,712.75, with the next resistance at 1,729.15. The pair is expected to find support at 1,663.79 and subsequently at 1,631.23.
The yellow metal is trading well above its 20 Hr and its 50 Hr moving averages.
