Gold Movement
Gold prices traded lower by 0.16% against the USD in the 24 hour period ending 23:00GMT, at 1,745.57 per ounce, as investor enthusiasm over central banks’ plans to cut the cost of borrowing dollars faded.
In the Asian session, at GMT0400, Gold is trading at 1743.15, 0.14% lower from yesterday’s close.
Gold is expected to find support at 1733.36, and a fall through could take it to the next support level of 1723.58. Gold is expected to find its first resistance at 1753.64, and a rise through could take it to the next resistance level of 1764.14.
The yellow metal is showing convergence with its 50 Hr moving average and is trading below its 20 Hr moving average.
