Gold Movement
Gold prices traded higher by 0.79% against the USD in the 24 hour period ending 23:00GMT, at 1628.07 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1629.23, 0.07% higher from yesterday’s close, amid speculation of another round of quantitative easing in the US by the Federal Reserve, at the two-day policy meeting starting today.
Gold is expected to find support at 1618.10, and a fall through could take it to the next support level of 1606.97. Gold is expected to find its first resistance at 1635.70, and a rise through could take it to the next resistance level of 1642.16.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
