Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24 hour period ending 23:00GMT, at 1,495.30 per ounce, as investors turned cautious again, after ratings agency Standard & Poor’s cautioned that a plan to rollover Greek debt could likely be in default.
In the Asian session at 3:00GMT, gold is trading at USD 1,497.30 per ounce, 0.13% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,500.17, with the next resistance at 1,503.03. The pair is expected to find support at 1,492.47 and subsequently at 1,487.63.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
