Gold Movement
Gold prices traded lower by 1.33% against the USD in the 24 hour period ending 23:00GMT, at 1,415.51 per ounce, after the ECB President’s statement that euro-zone interest rates could be raised in the next month to curb inflation.
In the Asian session at 4:00GMT, gold is trading at USD 1,418.50 per ounce, 0.21% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,431.56, with the next resistance at 1,444.61. The pair is expected to find support at 1,410.10 and subsequently at 1,401.69.
The pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
