Gold Movement
Gold prices traded lower by 3.53% against the USD in the 24 hour period ending 23:00GMT, at 1,593.47 per ounce, as investors sold off precious metal, amid lack of clear signals over solution to the European debt crisis. Also, rise in US dollar further added to the decline.
In the Asian session at 3:00GMT, gold is trading at USD 1,608.45 per ounce, 0.94% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,657.07, with the next resistance at 1,705.70. The pair is expected to find support at 1,571.82 and subsequently at 1,535.20.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
