Gold Movement
Gold prices traded higher by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1677.75 per ounce, as firmer US manufacturing data as well as strong China official purchasing managers index number helped lift gold prices.
Meanwhile, speculation that jewelers in India, one of the world’s largest gold markets are expected to reopen for business after a two-week strike provided further support to gold prices. Analysts stated that the decision may revive demand in the world’s largest gold consumer.
Meanwhile, market participants also speculated that trading in the precious metal would remain thin this week due to the Chinese holiday and the upcoming Easter holidays in many countries.
In the Asian session, at GMT0300, Gold is trading at 1678.24, 0.03% higher from yesterday’s close.
Gold is expected to find support at 1666.29, and a fall through could take it to the next support level of 1654.34. Gold is expected to find its first resistance at 1686.90, and a rise through could take it to the next resistance level of 1695.56.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
