Gold Movement
Gold prices traded higher by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1606.02 per ounce, surpassing the important $1,600 level as investors sought refuge in the safe-haven metal amid concerns over a controversial bailout plan for Cyprus.
In the Asian session, at GMT0400, Gold is trading at 1606.90, marginally higher from yesterday’s close.
Gold is expected to find support at 1597.86, and a fall through could take it to the next support level of 1588.82. Gold is expected to find its first resistance at 1613.63, and a rise through could take it to the next resistance level of 1620.36.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
