Gold Movement
Gold prices traded lower by 4.85% against the USD in the 24 hour period ending 23:00GMT, at 1,747.58 per ounce, losing its shine, as strong US economic data and expectations of more Federal Reserve stimulus accelerated profit taking from the safe-haven.
Meanwhile, CME Group Inc. has hiked margins on gold trading at its Comex unit for the second time this month.
In the Asian session at 3:00GMT, gold is trading at USD1,753.15 per ounce, 0.32% higher from 23:00GMT.
The pair is expected to find its first short term resistance at 1,824.31, with the next resistance at 1,895.48. The pair is expected to find support at 1,711.79 and subsequently at 1,670.44.
The yellow metal is trading below its 20 Hr and its 50 Hr moving averages.
