Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.63% against the USD and closed at USD1642.40 per ounce, amid strength in the greenback and as investors preferred cash to recover losses.
In the Asian session, at GMT0300, the pair is trading at 1639.10, with gold trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 1629.47, and a fall through could take it to the next support level of 1619.83. The pair is expected to find its first resistance at 1651.27, and a rise through could take it to the next resistance level of 1663.43.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
