Gold Movement
Gold prices traded lower by 2.24% against the USD in the 24 hour period ending 23:00GMT, at 1,758.80 per ounce, as investors booked profits following reports that the US jobless claims declined to a four- month low.
Gold prices declined further after CME Group Inc raised margins on gold contracts by 22.0%, prompting investors to sell the yellow metal.
In the Asian session at 3:00GMT, gold is trading at USD 1,761.39 per ounce, 0.15% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,796.16, with the next resistance at 1,830.92. The pair is expected to find support at 1,729.21 and subsequently at 1,697.02.
The yellow metal is showing convergence with its 20 Hr and its 50 Hr moving averages.
