Gold Movement
Gold prices traded higher by 1.45% against the USD in the 24 hour period ending 23:00GMT, at 1620.45 per ounce, as greenback weakened amid speculation of monetary easing by the Federal Reserve and other central banks to stimulate the global economy.
In the Asian session, at GMT0300, Gold is trading at 1617.43, 0.19% lower from yesterday’s close, amid profit taking.
Gold is expected to find support at 1601.64, and a fall through could take it to the next support level of 1585.86. Gold is expected to find its first resistance at 1629.14, and a rise through could take it to the next resistance level of 1640.86.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
