Gold Movement
Gold prices traded higher 0.35% against the USD in the 24 hour period ending 23:00GMT, at 1727.56 per ounce, after Chinese Central Bank Governor, Zhou Xiaochuan, stated that the Euro-zone’s challenges can be solved and that China would invest in Europe’s bailout funds to pace economic recovery.
In the Asian session, at GMT0400, Gold is trading at 1722.87, 0.27% lower from yesterday’s close.
Gold is expected to find support at 1716.55, and a fall through could take it to the next support level of 1710.23. Gold is expected to find its first resistance at 1733.34, and a rise through could take it to the next resistance level of 1743.81.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
