Gold Movement
Gold prices traded higher by 2.21% against the USD in the 24 hour period ending 23:00GMT, at 1574.44 per ounce, amid bargain hunting following sharp decline in yellow metal prices in previous sessions.
In the Asian session, at GMT0300, Gold is trading at 1576.13, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1553.42, and a fall through could take it to the next support level of 1530.72. Gold is expected to find its first resistance at 1589.41, and a rise through could take it to the next resistance level of 1602.69.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
