Gold Movement
Gold prices traded lower by 2.99% against the USD in the 24 hour period ending 23:00GMT, at 1,815.99 per ounce, as a surge in global stock markets reduced the appeal of the safe haven asset.
Gold prices dropped the most in two weeks as a rebound in global equities eroded demand for an alternative asset and spurred investors to sell the precious metal after its rally to an all-time high.
In the Asian session at 3:00GMT, gold is trading at USD1,829.50 per ounce, 0.74% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,872.43, with the next resistance at 1,915.35. The pair is expected to find support at 1,789.81 and subsequently at 1,750.11.
The yellow metal is trading just above its 20 Hr moving average and its trading just below 50 Hr moving average.
