Gold Movement
Gold prices traded lower by 0.11% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,757.47 per ounce, amid profit booking.
In the Asian session, at GMT0400, Gold is trading at 1770.18, 0.72% higher from Friday’s close, after Greece’s politicians sealed a deal to form a coalition government, while continued uncertainty about resolving the Euro-zone’s debt crisis supported precious metal prices. Adding to concerns were events in Italy, where Prime Minister, Silvio Berlusconi has one day left before a parliament vote on public finance after his government failed to adopt reforms to contain a debt crisis.
Gold is expected to find support at 1755.41, and a fall through could take it to the next support level of 1740.64. Gold is expected to find its first resistance at 1778.49, and a rise through could take it to the next resistance level of 1786.80.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
