Gold Movement
Gold prices traded higher by 1.21% against the USD in the 24 hour period ending 23:00GMT, at 1688.65 per ounce, as the greenback weakened, after the US Federal Reserve Chairman, Ben Bernanke, reinforced expectation that interest rates would be kept low to boost economy.
In the Asian session, at GMT0300, Gold is trading at 1687.78, 0.05% lower from yesterday’s close.
Gold is expected to find support at 1664.37, and a fall through could take it to the next support level of 1640.97. Gold is expected to find its first resistance at 1702.45, and a rise through could take it to the next resistance level of 1717.11.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
