Gold Movement
Gold prices traded higher by 0.58% against the USD in the 24 hour period ending 23:00GMT, at 1615.95 per ounce, on safe-haven buying after the European Union indicated that it would cut off liquidity to Cypriot banks, raising concerns of a potential financial meltdown in Cyprus.
In the Asian session, at GMT0400, Gold is trading at 1613.74, 0.14% lower from yesterday’s close.
Gold is expected to find support at 1608.16, and a fall through could take it to the next support level of 1602.57. Gold is expected to find its first resistance at 1618.20, and a rise through could take it to the next resistance level of 1622.65.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
