Gold: Gold extends gains, rises above $1,900 per ounce

Gold

Gold Movement

Gold prices traded higher by 0.78% against the USD in the 24 hour period ending 23:00GMT, at 1,901.54 per ounce, as concerns over slowing growth and European debt whetted appetite for the metal’s perceived safe haven.

In the Asian session at 3:00GMT, gold is trading at USD1,902.90 per ounce, 0.07% higher from 23:00GMT.

The pair is expected to find its first short term resistance at 1,912.49, with the next resistance at 1,922.07. The pair is expected to find support at 1,883.98 and subsequently at 1,865.05.

The yellow metal is showing convergence with its 20 Hr moving average and its trading above 50 Hr moving average.

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