Gold Movement
Gold prices traded lower by 1.00% against the USD in the 24 hour period ending 23:00GMT, at 1,783.98 per ounce, after the Federal Reserve decided on a $400 billion bond swap to spur the economy. The Federal Reserve officials further added that there are significant downside risks to the economic outlook.
In the Asian session at 3:00GMT, gold is trading at USD 1,776.15 per ounce, 0.44% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,804.11, with the next resistance at 1,832.06. The pair is expected to find support at 1,760.79 and subsequently at 1,745.42.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
