Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1163.60 per ounce, reversing its previous session losses on the back of disappointing US economic data and a weaker greenback.
In the Asian session, at GMT0400, the pair is trading at 1164.2, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1161.07, and a fall through could take it to the next support level of 1157.93. The pair is expected to find its first resistance at 1168.47, and a rise through could take it to the next resistance level of 1172.73.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
