Gold Movement
Gold prices traded lower by 2.26% against the USD in the 24 hour period ending 23:00GMT, at 1,626.20 per ounce, after bearish comments from Federal Reserve Chairman, Ben Bernanke, for the US economy and job growth, reduced the appeal for precious metal, and as steep losses in global markets prompted investors to sell gold to raise cash.
In the Asian session, at GMT0300, Gold is trading at 1630.57, 0.27% higher from the New York close.
Gold is expected to find support at 1591.70, and a fall through could take it to the next support level of 1552.84. Gold is expected to find its first resistance at 1673.78, and a rise through could take it to the next resistance level of 1717.00.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
