Gold Movement
Gold prices traded higher by 2.50% against the USD in the 24 hour period ending 23:00GMT, at 1,834.80 per ounce, on speculation that the Federal Reserve would ease monetary policy further to stimulate the economy, boosting the appeal for the yellow metal. Gold prices also advanced as consumer confidence fell on both sides of the Atlantic.
In the Asian session at 3:00GMT, gold is trading at USD 1,833.14 per ounce, marginally lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,854.53, with the next resistance at 1,875.91. The pair is expected to find support at 1,797.57 and subsequently at 1,761.99.
The yellow metal is trading just above its 20 Hr and its 50 Hr moving averages.
