Gold Movement
On Friday, Gold prices traded higher by 0.20% against the USD in the 24 hour period ending 23:00GMT, at 1594.07 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1596.43, 0.15% higher from Friday’s close, after the Euro-zone’s decision to shore up Spain’s banks boosted risk appetite and weighed on the greenback.
Gold is expected to find support at 1564.57, and a fall through could take it to the next support level of 1532.72. Gold is expected to find its first resistance at 1618.34, and a rise through could take it to the next resistance level of 1640.25.
The yellow metal is metal is trading above its 20 Hr and is converging its 50 Hr moving average.
