Gold Movement
Gold prices traded higher by 0.22% against the USD in the 24 hour period ending 23:00GMT, at 1,586.70 per ounce, as concern over more US economic stimulus and debt troubles in the US and Europe boosted the demand for gold as a safe haven asset.
In the Asian session at 3:00GMT, gold is trading at USD 1,582.10 per ounce, 0.29% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,591.32, with the next resistance at 1,600.53. The pair is expected to find support at 1,576.02 and subsequently at 1,569.93.
The yellow metal is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
