Gold Movement
Gold prices traded lower by 1.78% against the USD in the 24 hour period ending 23:00GMT, at 1,711.60 per ounce, as Japan intervened in currency markets to pressure the yen, giving a sharp lift to the dollar and pressuring the precious metal along with commodities.
In the Asian session, at GMT0400, Gold is trading at 1719.15, 0.44% higher from yesterday’s close.
Gold is expected to find support at 1706.80, and a fall through could take it to the next support level of 1694.44. Gold is expected to find its first resistance at 1729.53, and a rise through could take it to the next resistance level of 1739.90.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
