Gold Movement
Gold prices traded higher by 0.44% against the USD in the 24 hour period ending 23:00GMT, at 1613.01 per ounce, on renewed flight-to-safety investment after the Cyprus’ Parliament rejected the controversial bank deposit levy plan set forth by the European Union and the International Monetary Fund.
In the Asian session, at GMT0400, Gold is trading at 1612.84, marginally lower from yesterday’s close.
Gold is expected to find support at 1603.48, and a fall through could take it to the next support level of 1594.12. Gold is expected to find its first resistance at 1618.98, and a rise through could take it to the next resistance level of 1625.12.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
