Gold Movement
Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1709.25 per ounce.
Gold plunged by more than 1.0% later in the day, after trading higher initially, on profit taking, after the Federal Reserve’s announcement of a fresh round of bond buying pushed gold prices above the $1720 level.
In the Asian session, at GMT0400, Gold is trading at 1701.16, 0.47% lower from yesterday’s close.
Gold is expected to find support at 1689.10, and a fall through could take it to the next support level of 1677.04. Gold is expected to find its first resistance at 1718.33, and a rise through could take it to the next resistance level of 1735.50.
The yellow metal is trading much below its 20 Hr and 50 Hr moving averages.
