Gold Movement
Gold prices traded higher by 2.82% against the USD in the 24 hour period ending 23:00GMT, at 1,799.05 per ounce, as fears over escalating European and US debt woes continued to plague equities markets, thereby boosting demand for the precious metal.
In the Asian session at 3:00GMT, gold is trading at USD1,787.77 per ounce, 0.63% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,821.46, with the next resistance at 1,855.16. The pair is expected to find support at 1,747.46 and subsequently at 1,707.16.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
