Gold Movement
Gold prices traded lower by 4.86% against the USD in the 24 hour period ending 23:00GMT, at 1698.21 per ounce, after Federal Reserve Chairman, Ben S. Bernanke, gave no hint for additional quantitative easing, stating that the US economy is expanding at modest pace.
In the Asian session, at GMT0400, Gold is trading at 1721.66, 1.38% higher from yesterday’s close.
Gold is expected to find support at 1675.57, and a fall through could take it to the next support level of 1629.49. Gold is expected to find its first resistance at 1779.28, and a rise through could take it to the next resistance level of 1836.89.
The yellow metal is trading well below its 20 Hr and 50 Hr moving averages.
