Gold Movement
Gold prices traded lower by 0.21% against the USD in the 24 hour period ending 23:00GMT, at 1710.80 per ounce, as global stock and commodity prices fell, with a recent run of downbeat corporate earnings casting a shadow over the growth outlook and as investors remained cautious to gauge the impact of a giant US hurricane.
In the Asian session, at GMT0400, Gold is trading at 1711.21, marginally higher from yesterday’s close.
Gold is expected to find support at 1705.06, and a fall through could take it to the next support level of 1698.91. Gold is expected to find its first resistance at 1717.38, and a rise through could take it to the next resistance level of 1723.55.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
