Gold Movement
Gold prices traded lower by 0.51% against the USD in the 24 hour period ending 23:00GMT, at 1715.70 per ounce, after the World Gold Council reported that global demand for gold declined 11% from a record a year earlier as slowing growth in China, the world’s second-biggest consumer, reduced investment and jewellery purchases.
In the Asian session, at GMT0400, Gold is trading at 1711.95, 0.22% lower from yesterday’s close.
Gold is expected to find support at 1701.94, and a fall through could take it to the next support level of 1691.94. Gold is expected to find its first resistance at 1724.98, and a rise through could take it to the next resistance level of 1738.01.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
