Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1589.95 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1593.73, 0.24% higher from yesterday’s close, ahead of Federal Reserve Chairman, Ben Bernanke’s Congressional testimony which is expected to provide clues on whether the central bank would launch more monetary stimulus.
Gold is expected to find support at 1582.78, and a fall through could take it to the next support level of 1571.84. Gold is expected to find its first resistance at 1600.46, and a rise through could take it to the next resistance level of 1607.20.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
