Gold Movement
Gold prices traded higher by 0.32% against the USD in the 24 hour period ending 23:00GMT, at 1652.85 per ounce, as the greenback weakened after the G7 nations stated that they want to allow markets to determine exchange rates and that monetary policy must not be used to weaken currencies.
In the Asian session, at GMT0400, Gold is trading at 1652.05, slightly lower from yesterday’s close.
Gold is expected to find support at 1643.13, and a fall through could take it to the next support level of 1634.22. Gold is expected to find its first resistance at 1657.28, and a rise through could take it to the next resistance level of 1662.52.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
