Gold Movement
Gold prices traded higher by 0.57% against the USD in the 24 hour period ending 23:00GMT, at 1,642.07 per ounce, amid rise in demand from China before the Lunar New Year this month.
In the Asian session, at GMT0400, Gold is trading at 1642.97, marginally higher from yesterday’s close.
Gold is expected to find support at 1635.35, and a fall through could take it to the next support level of 1627.74. Gold is expected to find its first resistance at 1648.95, and a rise through could take it to the next resistance level of 1654.94.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
