Gold Movement
Gold prices traded higher by 2.20% against the USD in the 24 hour period ending 23:00GMT, at 1,721.40 per ounce, as investors sought safe haven in the yellow metal after Standard & Poor’s downgraded the US credit rating late on Friday.
In the Asian session at 3:00GMT, gold is trading at USD1749.90 per ounce, 1.66% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,769.77, with the next resistance at 1,789.64. The pair is expected to find support at 1,710.36 and subsequently at 1,670.82.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
