Gold Movement
Gold prices traded higher by 1.11% against the USD, on Friday in the 24 hour period ending 23:00GMT, at 1,474.10 per ounce, amid tensions over the US fiscal policy, continued euro-zone debt jitters and soaring inflation.
Fretting about the divisions within the US government over how to manage the country’s fiscal situation helped undermine the greenback, as the possibility of a US government shutdown loomed. Prices of yellow metal also advanced as worries about Europe’s debt situation continued to mount.
In the Asian session at 3:00GMT, gold is trading at USD 1,472.73 per ounce, 0.09% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,479.02, with the next resistance at 1,485.31. The pair is expected to find support at 1,463.78 and subsequently at 1,454.83.
The pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
