Gold Movement
Gold prices traded higher by 0.28% against the USD in the 24 hour period ending 23:00GMT, at 1,695.28 per ounce, as a broadly weaker US dollar supported prices and as investors remained concerned that the debt crisis in the Euro-zone was spreading to the region’s core economies.
In the Asian session, at GMT0400, Gold is trading at 1692.98, 0.14% lower from yesterday’s close.
Gold is expected to find support at 1686.90, and a fall through could take it to the next support level of 1680.81. Gold is expected to find its first resistance at 1700.57, and a rise through could take it to the next resistance level of 1708.15.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
