Gold Movement
Gold prices traded lower by 0.70% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1638.90 per ounce, amid a broad sell off, after Fitch downgraded the credit ratings of Spain and Italy.
In the Asian session, at GMT0300, Gold is trading at 1653.47, 0.89% higher from the Friday’s close.
Gold is expected to find support at 1627.48, and a fall through could take it to the next support level of 1601.5. Gold is expected to find its first resistance at 1672.60, and a rise through could take it to the next resistance level of 1691.74.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
