Gold Movement
Gold prices traded higher by 1.61% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,639.90 per ounce, as greenback weakened and as renewed optimism about the eurozone debt solution, spurred investors back to precious metals.
In the Asian session, at GMT0300, Gold is trading at 1642.88, 0.18% higher from Friday’s close.
Gold is expected to find support at 1625.46, and a fall through could take it to the next support level of 1608.05. Gold is expected to find its first resistance at 1654.43, and a rise through could take it to the next resistance level of 1665.99.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
