Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 3.47% against the USD and closed at USD1519.80 per ounce on Friday, amid profit booking.
In the Asian session, at GMT0400, the pair is trading at 1546.60, with gold trading 1.76% higher against the USD from Friday’s close.
The pair is expected to find support at 1501.10, and a fall through could take it to the next support level of 1455.60. The pair is expected to find its first resistance at 1595.00, and a rise through could take it to the next resistance level of 1643.40.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
