Gold Movement
Gold prices traded lower by 0.77% against the USD in the 24 hour period ending 23:00GMT, at 1,665.84 per ounce, as profit booking and a stronger dollar provided downward pressure
In the Asian session, at GMT0300, the pair is trading at 1665.89, with gold trading flat from yesterday’s close.
Gold is expected to find support at 1651.87, and a fall through could take it to the next support level of 1637.84. Gold is expected to find its first resistance at 1680.80, and a rise through could take it to the next resistance level of 1695.70.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
