Gold Movement
Gold prices traded lower by 0.40% against the USD in the 24 hour period ending 23:00GMT, at 1706.72 per ounce, after China, the biggest buyer of yellow metal, lowered its economic growth target for 2012, curbing prospects for commodity.
In the Asian session, at GMT0400, Gold is trading at 1703.50, 0.19% lower from yesterday’s close.
Gold is expected to find support at 1693.55, and a fall through could take it to the next support level of 1683.60. Gold is expected to find its first resistance at 1713.72, and a rise through could take it to the next resistance level of 1723.94 .
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
