Gold Movement
Gold prices traded higher by 0.28% against the USD in the 24 hour period ending 23:00GMT, at 1605.45 per ounce, underpinned by hopes that the Federal Reserve will maintain its loose monetary policy after top policymakers indicated that the US central bank should continue its bond-purchases at least through 2013.
In the Asian session, at GMT0400, Gold is trading at 1606.19, marginally higher from yesterday’s close.
Gold is expected to find support at 1595.68, and a fall through could take it to the next support level of 1585.17. Gold is expected to find its first resistance at 1612.54, and a rise through could take it to the next resistance level of 1618.89.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
