Gold Movement
Gold prices traded higher by 2.02% against the USD in the 24 hour period ending 23:00GMT, at 1,824.10 per ounce, after the US data pointed to a stalled economy, while renewed concerns over the health of European banks brought additional safe-haven buying.
Investors continued to buy gold, as worries began to intensify, after Morgan Stanley slashed its global growth forecast and warned that the US and Europe are “dangerously close” to a recession.
In the Asian session at 3:00GMT, gold is trading at USD 1,840.16 per ounce, 0.88% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,858.02, with the next resistance at 1,875.87. The pair is expected to find support at 1,805.49 and subsequently at 1,770.81.
The pair is trading above its 20 Hr and its 50 Hr moving averages.
