Gold Movement
Gold prices traded higher by 2.57% against the USD in the 24 hour period ending 23:00GMT, at 1709.52 per ounce, as the dollar weakened following US Federal Reserve announcement that it would keep interest rates low through the end of 2014, a year longer than earlier planned.
In the Asian session, at GMT0400, Gold is trading at 1712.24, 0.16% higher from yesterday’s close.
Gold is expected to find support at 1669.67, and a fall through could take it to the next support level of 1627.10. Gold is expected to find its first resistance at 1734.36, and a rise through could take it to the next resistance level of 1756.46.
The yellow metal is trading well above its 20 Hr and its 50 Hr moving averages.
