Gold Movement
Gold prices traded lower by 0.65% against the USD in the 24 hour period ending 23:00GMT, at 1599.70 per ounce, after larger-than-expected increase in US retail sales for the month of July dampened hopes for further stimulus measures from the Federal Reserve.
In the Asian session, at GMT0300, Gold is trading at 1602.05, 0.15% higher from yesterday’s close.
Gold is expected to find support at 1590.93, and a fall through could take it to the next support level of 1579.81. Gold is expected to find its first resistance at 1614.76, and a rise through could take it to the next resistance level of 1627.47.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
