Gold Movement
On Friday Gold prices traded lower by 2.07% against the USD in the period ending 21:00GMT, at 1383.05 per ounce, after the US employment sector showed an improvement in May, thereby raising speculation that the Federal Reserve may reduce monetary stimulus.
In the Asian session, at GMT0300, Gold is trading at 1386.59, 0.26% higher from Friday’s close.
Gold is expected to find support at 1370.58, and a fall through could take it to the next support level of 1354.58. Gold is expected to find its first resistance at 1409.94, and a rise through could take it to the next resistance level of 1433.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
