Gold Movement
On Friday Gold prices traded lower by 1.17% against the USD in the 24 hour period ending 23:00GMT, at 1721.72 per ounce, as a combination of ongoing fears over the Euro-zone’s debt crisis and mounting concerns over the outlook for the global economy drove investors to the relative safety of the US Dollar.
The physical gold market saw light buying from jewellery makers in Asia, with top consumer India likely to step up purchases because of the festive season there, which will peak with Diwali next month.
In the Asian session, at GMT0300, Gold is trading at 1724.12, 0.14% higher from Friday’s close.
Gold is expected to find support at 1712.17, and a fall through could take it to the next support level of 1700.23. Gold is expected to find its first resistance at 1737.63, and a rise through could take it to the next resistance level of 1751.14.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
