Gold Movement
Gold prices traded lower by 1.98% against the USD in the 24 hour period ending 23:00GMT, at 1606.17 per ounce, as the greenback strengthened. However, losses in precious metal were limited, amid signs of strong physical demand in China after a report showed that the China’s gold imports from Hong Kong surged more than six-fold in the first quarter of 2012.
In the Asian session, at GMT0300, Gold is trading at 1594.49, 0.73% lower from yesterday’s close.
Gold is expected to find support at 1579.36, and a fall through could take it to the next support level of 1564.24. Gold is expected to find its first resistance at 1623.80, and a rise through could take it to the next resistance level of 1653.10.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
