GOLD Movement
Gold prices traded lower by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1,673.13 per ounce, as hopes for a speedier resolution for eurozone sovereign-debt crisis faded and as the greenback inched up.
In the Asian session, at GMT0300, Gold is trading at 1671.25, 0.11% lower from yesterday’s close.
Gold is expected to find support at 1659.37, and a fall through could take it to the next support level of 1647.50. Gold is expected to find its first resistance at 1689.22, and a rise through could take it to the next resistance level of 1707.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
