Gold Movement
Gold prices traded higher by 0.59% against the USD in the 24 hour period ending 23:00GMT, at 1176.50 per ounce, amid rising prospects of more QE from the ECB and a delay in interest rate hike by the Fed.
In the Asian session, at GMT0300, the pair is trading at 1176.9, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1168.93, and a fall through could take it to the next support level of 1160.97. The pair is expected to find its first resistance at 1183.13, and a rise through could take it to the next resistance level of 1189.37.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
