Gold Movement
Gold prices traded higher by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1730.98 per ounce, amid reports that central banks around the world are stocking up their gold reserves.
Yesterday, the International Monetary Fund reported that countries boosted their gold reserves in October by around 40 tons, including Brazil’s purchase of 17.2 tons.
Gold also edged higher on reasonably solid albeit uneven US economic data, which sparked some demand for the precious metal.
In the Asian session, at GMT0400, Gold is trading at 1730.56, marginally lower from yesterday’s close.
Gold is expected to find support at 1722.70, and a fall through could take it to the next support level of 1714.83. Gold is expected to find its first resistance at 1735.58, and a rise through could take it to the next resistance level of 1740.60.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
