Gold Movement
On Friday Gold prices traded lower by 2.37% against the USD in the period ending 21:00GMT, at 1171.30 per ounce. The Gold prices fell to a 4-year low,as greenback strengthened after the BoJ in an unexpected move decided to expand its monetary stimulusand an upbeat consumer sentiment data from the US reduced yellow-metal’s demand.
In the Asian session, at GMT0400, the pair is trading at 1167.60, with the gold trading 0.32% lower from Friday’s close.
The pair is expected to find support at 1152.50, and a fall through could take it to the next support level of 1137.40. The pair is expected to find its first resistance at 1190.70, and a rise through could take it to the next resistance level of 1213.80.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
