Gold Movement
Gold prices traded higher by 0.64% against the USD in the 24 hour period ending 23:00GMT, at 1,622.38 per ounce.
Yesterday, two leading brokers lowered 2012 gold-price forecasts, but held to expectations for rising prices this year. HSBC cut its outlook by 9%, to $1,850 per ounce, while Barclays lowered its estimate by 6% from a November forecast, to $1,875 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1625.06, 0.17% higher from yesterday’s close.
Gold is expected to find support at 1605.27, and a fall through could take it to the next support level of 1585.48. Gold is expected to find its first resistance at 1636.50, and a rise through could take it to the next resistance level of 1647.94.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
