Gold Movement
Gold prices traded higher by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1676.39 per ounce, as the dollar weakened.
Additionally, the European Union barred trade in gold and other precious metals with Iranian public bodies, as part of a trade embargo issued yesterday.
In the Asian session, at GMT0400, Gold is trading at 1673.19, 0.19% lower from yesterday’s close.
Gold is expected to find support at 1665.87, and a fall through could take it to the next support level of 1658.54. Gold is expected to find its first resistance at 1681.06, and a rise through could take it to the next resistance level of 1688.94.
The yellow metal is trading/showing convergence with its 20 Hr and its 50 Hr moving average.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
