Gold Movement
Gold prices traded higher by 1.03% against the USD in the 24 hour period ending 23:00GMT, at 1,784.15 per ounce, ahead of a summit between leaders from France and Germany on the euro zone debt crisis, though the precious metal pared gains after rating agency Fitch affirmed its triple-A rating on the US.
Though Fitch news tempered gold gains, investors remained focused on poorly received German and euro zone growth data that stoked concerns the region may be far from recovering its economic footing.
In the Asian session at 3:00GMT, gold is trading at USD 1,785.03 per ounce, marginally higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,794.50, with the next resistance at 1,803.98. The pair is expected to find support at 1,768.70 and subsequently at 1,752.38.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
