Gold Movement
Gold prices traded lower by 0.64% against the USD in the 24 hour period ending 23:00GMT, at 1573.38 per ounce, as upbeat housing data in the US and a wait-and-see attitude from Federal Reserve Chairman, Ben Bernanke weighed on gold prices, diminishing market expectations that the Fed would roll out a fresh round of quantitative easing via liquidity injections to spur recovery.
In the Asian session, at GMT0300, Gold is trading at 1578.43, 0.32% higher from yesterday’s close, on demand from bargain hunters.
Gold is expected to find support at 1569.38, and a fall through could take it to the next support level of 1560.33. Gold is expected to find its first resistance at 1586.15, and a rise through could take it to the next resistance level of 1593.87.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
