Gold Movement
Gold prices traded lower by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1643.93 per ounce, as investors preferred the safety of the greenback after risk aversion returned amid weak economic data around the world.
In the Asian session, at GMT0400, Gold is trading at 1646.05, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1631.90, and a fall through could take it to the next support level of 1617.76. Gold is expected to find its first resistance at 1656.48, and a rise through could take it to the next resistance level of 1666.92.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
