Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 2.09% against the USD and closed at USD1736.70 per ounce, as renewed concerns over global recession increased demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1735.00, with gold trading 0.10% lower against the USD from yesterday’s close, amid profit booking.
The pair is expected to find support at 1705.10, and a fall through could take it to the next support level of 1675.20. The pair is expected to find its first resistance at 1755.20, and a rise through could take it to the next resistance level of 1775.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
