Gold Movement
Gold prices reversed earlier gains and traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1748.43 per ounce, as the greenback strengthened following the release of significantly better-than-expected US housing data.
In the Asian session at 3:00GMT, gold is trading at USD1748.98 per ounce, marginally higher from 23:00GMT.
Meanwhile, traders speculated that gold prices would further strengthened amid fresh buying in Asian countries, especially in India, for the ongoing festive season and amid a firm global trend.
Gold is expected to find support at 1743.38, and a fall through could take it to the next support level of 1737.78. Gold is expected to find its first resistance at 1754.13, and a rise through could take it to the next resistance level of 1759.28.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
