Gold Movement
Gold prices traded higher by 0.34% against the USD in the 24 hour period ending 23:00GMT, at 1717.25 per ounce, after the US President Barack Obama was re-elected for a second term, thereby increasing the likelihood that the Federal Reserve’s policy of monetary easing would continue.
In the Asian session, at GMT0400, Gold is trading at 1716.86, marginally lower from yesterday’s close.
Gold is expected to find support at 1702.63, and a fall through could take it to the next support level of 1688.4. Gold is expected to find its first resistance at 1731.71, and a rise through could take it to the next resistance level of 1746.56.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
