Gold Movement
On Friday Gold prices traded marginally higher against the USD in the period ending 21:00GMT, at 1591.95 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1598.27, 0.40% higher from Friday’s close, as unusual bailout deal for Cyprus threatened to trigger fresh turmoil in the Euro-zone, driving investors to seek safety in the precious metal. Investors feared that if ratified by the Cypriot Parliament today, would set a dangerous trend for future bailouts in the bloc and set off turmoil.
Gold is expected to find support at 1589.01, and a fall through could take it to the next support level of 1579.76. Gold is expected to find its first resistance at 1608.06, and a rise through could take it to the next resistance level of 1617.86.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
