Gold Movement
Gold prices traded higher by 0.59% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,600.60 per ounce, as the political stand-off in the US over the country’s debt-ceiling fuelled fears among investors about a default.
In the Asian session at 3:00GMT, gold is trading at USD 1,612.33 per ounce, 0.73% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,629.39, with the next resistance at 1,646.45. The pair is expected to find support at 1,589.28 and subsequently at 1,566.23.
The pair is trading between its 20 Hr and its 50 Hr moving averages.
