Gold Movement
Gold prices traded lower by 3.64% against the USD in the 24 hour period ending 23:00GMT, at 1,836.61 per ounce, as investors booked profit in anticipation of CME Group raising its margin requirements. Fresh gains in equity markets also took out some steam of gold.
In the Asian session at 3:00GMT, gold is trading at USD 1,849.62 per ounce, 0.71% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,896.07, with the next resistance at 1,942.51. The pair is expected to find support at 1,813.01 and subsequently at 1,776.39.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
