Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24 hour period ending 23:00GMT, at 1736.28 per ounce, amid concern that the global economy is slowing and that China may refrain from additional economic stimulus.
Moreover, an upbeat US retail sales data reduced the case for further stimulus measures and dented gold’s appeal as a hedge against monetary easing.
In the Asian session at 3:00GMT, Gold is trading at USD1737.31 per ounce, marginally higher from 23:00GMT.
Gold is expected to find support at 1727.59, and a fall through could take it to the next support level of 1717.87. Gold is expected to find its first resistance at 1748.14, and a rise through could take it to the next resistance level of 1758.97.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
