Gold Movement
Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1470.42 per ounce. Earlier, the yellow metal received some support after the World Gold Council (WGC) issued a bullish tone on the metal. Marcus Grubb, managing director of investment at the WGC, indicated that gold’s bull market is still intact.
In the Asian session, at GMT0300, Gold is trading at 1467.13, 0.22% lower from yesterday’s close.
Gold is expected to find support at 1458.22, and a fall through could take it to the next support level of 1449.30. Gold is expected to find its first resistance at 1477.43, and a rise through could take it to the next resistance level of 1487.72.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
