Gold Movement
On Friday Gold prices traded higher by 0.18% against the USD in the 24 hour period ending 24:00GMT, at 1667.31 per ounce.
A leading broker, in its latest report, indicated that the world is heading for a major gold production over the next several years. The NBF stated that starting in 2017, nearly all major gold producers could face production declines because discovery frequency will not be sufficient to replace current levels of production.
In the Asian session, at GMT0400, Gold is trading at 1670.75, 0.21% higher from Friday’s close.
Gold is expected to find support at 1660.11, and a fall through could take it to the next support level of 1649.47. Gold is expected to find its first resistance at 1681.83, and a rise through could take it to the next resistance level of 1692.91.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
