Gold Movement
Gold prices traded lower by 0.56% against the USD in the 24 hour period ending 23:00GMT, at 1179.30 per ounce. However, losses were trimmed, as global equity markets were badly hit on escalating concerns of a Greek debt default and its exit from the Euro-zone.
In the Asian session, at GMT0300, the pair is trading at 1177.20, with the gold trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 1172.10, and a fall through could take it to the next support level of 1167.00 The pair is expected to find its first resistance at 1183.40, and a rise through could take it to the next resistance level of 1189.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
