Gold Movement
Gold prices traded higher by 2.35% against the USD in the 24 hour period ending 23:00GMT, at 1,679.40 per ounce, as more hopeful outlook on Europe soothed fears of a Greek default.
In a joint statement made on Sunday, German Chancellor, Angela Merkel and French President, Nicolas Sarkozy reaffirmed their commitment to recapitalizing European banks and finding a “comprehensive” solution to the region’s sovereign debt crisis.
In the Asian session, at GMT0300, Gold is trading at 1680.10, 0.04% higher from the New York close.
Gold is expected to find support at 1657.57, and a fall through could take it to the next support level of 1635.04. Gold is expected to find its first resistance at 1693.63, and a rise through could take it to the next resistance level of 1707.16.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
