Gold Movement
Gold prices traded higher by 1.18% against the USD in the 24 hour period ending 23:00GMT, at 1,698.28 per ounce, as the greenback weakened, after the tepid GDP figure fuelled speculation that the Federal Reserve could introduce further stimulus measures in the near-term to boost U.S. economic growth.
The U.S. Commerce Department’s second estimate of third quarter Gross Domestic Product (GDP) showed that the economy grew at an annualized rate of 2.0%, down from a previous estimate of 2.5%.
In the Asian session, at GMT0400, Gold is trading at 1707.85, 0.56% higher from yesterday’s close.
Gold is expected to find support at 1685.19, and a fall through could take it to the next support level of 1662.54. Gold is expected to find its first resistance at 1720.44, and a rise through could take it to the next resistance level of 1733.04.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
