Gold Movement
Gold prices traded higher by 1.31% against the USD in the 24 hour period ending 23:00GMT, at 1454.15 per ounce, as concerns over potential US government shutdown and a credit rating downgrade of Portugal, increased the demand of gold as a safe haven asset.
In the Asian session at 3:00GMT, gold is trading at USD 1453.98 per ounce, marginally lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,464.15, with the next resistance at 1,474.33. The pair is expected to find support at 1,436.79 and subsequently at 1,419.61.
The yellow metal is trading just above its 20 Hr and well above its 50 Hr moving averages.
