Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1575.55 per ounce.
Yesterday a leading broker lowered its outlook on gold prices for the FY2013 by 6.9% to $1,680 per ounce and by 9.8% to $1,838 per ounce for 2014.
In the Asian session, at GMT0400, Gold is trading at 1578.43, 0.18% higher from yesterday’s close.
Gold is expected to find support at 1571.22, and a fall through could take it to the next support level of 1564.02. Gold is expected to find its first resistance at 1586.11, and a rise through could take it to the next resistance level of 1593.80.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
