Gold Movement
Gold prices traded higher by 0.68% against the USD in the 24 hour period ending 23:00GMT, at 1792.20 per ounce, as demand for the precious metal rose, after European Central Bank (ECB) President Mario Draghi reiterated that the central bank was ready to start purchasing the debt of troubled Euro-zone countries.
In the Asian session, at GMT0300, Gold is trading at 1794.62, 0.19% higher from yesterday’s close.
Gold is expected to find support at 1784.46, and a fall through could take it to the next support level of 1774.29. Gold is expected to find its first resistance at 1800.40, and a rise through could take it to the next resistance level of 1806.18.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
