Gold Movement
Gold prices traded lower by 2.07% against the USD in the 24 hour period ending 23:00GMT, at 1,706.93 per ounce, after European Central Bank President (ECB), Mario Draghi stated that he does not plan on purchasing bonds to assist ailing Euro-zone economies.
In the Asian session, at GMT0400, Gold is trading at 1704.50, 0.14% lower from yesterday’s close.
Gold is expected to find support at 1685.83, and a fall through could take it to the next support level of 1667.17. Gold is expected to find its first resistance at 1739.53, and a rise through could take it to the next resistance level of 1774.57.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
