Gold Movement
On Friday, Gold prices traded lower by 0.32% against the USD in the 24 hour period ending 23:00GMT, at 1713.52per ounce, as the dollar strengthened on speculation that there would not be monetary easing in the US soon.
In the Asian session, at GMT0400, Gold is trading at 1712.59, 0.05% lower from Friday’s close.
Gold is expected to find support at 1704.03, and a fall through could take it to the next support level of 1695.46. Gold is expected to find its first resistance at 1722.07, and a rise through could take it to the next resistance level of 1731.54.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
