Gold Movement
Gold prices traded lower by 2.19% against the USD in the 24 hour period ending 23:00GMT, at 1,722.77 per ounce, as concerns that the Euro-zone’s ongoing debt crisis was worsening prompted investors to liquidate gold positions.
Meanwhile, the World Gold Council stated that, demand for gold in the third quarter of 2011 rose 6% to hit 1,053.9 tons, up from 991.1 tons in the third quarter of 2010. In value terms, the demand equates to $57.70 billion, an all time high, and up from $44.5 billion in the second quarter.
In the Asian session, at GMT0400, Gold is trading at 1724.78, 0.12% higher from yesterday’s close.
Gold is expected to find support at 1701.15, and a fall through could take it to the next support level of 1677.53. Gold is expected to find its first resistance at 1757.75, and a rise through could take it to the next resistance level of 1790.73.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
