Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.20% against the USD and closed at USD1661.70 per ounce.
In the Asian session, at GMT0400, the pair is trading at 1659.70, with gold trading 0.12% lower against the USD from yesterday’s close, amid profit booking.
The pair is expected to find support at 1639.23, and a fall through could take it to the next support level of 1618.77. The pair is expected to find its first resistance at 1685.93, and a rise through could take it to the next resistance level of 1712.17.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
