Gold Movement
Gold prices traded lower by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1604.36 per ounce, as a bailout deal to avert a collapse of Cyprus’ banking system reduced the metal’s safe-haven appeal.
In the Asian session, at GMT0400, Gold is trading at 1601.98, 0.15% lower from yesterday’s close.
Gold is expected to find support at 1590.29, and a fall through could take it to the next support level of 1578.61. Gold is expected to find its first resistance at 1613.24, and a rise through could take it to the next resistance level of 1624.51.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
