Gold Movement
On Friday Gold prices traded lower by 0.10% against the USD in the 24 hour period ending 24:00GMT, at 1714.01 per ounce, as signs of global economic slowdown and fears of US recession dented the precious metal’s inflation-hedge appeal.
In the Asian session, at GMT0400, Gold is trading at 1722.55, 0.50% higher from Friday’s close.
Gold is expected to find support at 1710.97, and a fall through could take it to the next support level of 1699.39. Gold is expected to find its first resistance at 1729.00, and a rise through could take it to the next resistance level of 1735.45.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
