Gold Movement
Gold prices traded lower by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1152.60 per ounce, amid concerns surrounding China, one of the largest consumers of the commodity.
In the Asian session, at GMT0300, the pair is trading at 1153.20, with gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1142.26, and a fall through could take it to the next support level of 1131.33. The pair is expected to find its first resistance at 1166.96, and a rise through could take it to the next resistance level of 1180.73.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
