Gold Movement
Gold prices traded higher by 2.20% against the USD in the 24 hour period ending 23:00GMT, at 1769.40 per ounce, as the greenback weakened after the Federal Reserve launched QE3 with a new round of bond buying.
In the Asian session, at GMT0300, Gold is trading at 1772.77, 0.19% higher from yesterday’s close.
Gold is expected to find support at 1737.39, and a fall through could take it to the next support level of 1702.01. Gold is expected to find its first resistance at 1791.75, and a rise through could take it to the next resistance level of 1810.73.
The yellow metal is trading above its 20 Hr and 50 Hr moving average.
