Gold Movement
Gold prices traded lower by 0.20% against the USD in the 24 hour period ending 23:00GMT, at 1662.45 per ounce, as upbeat US manufacturing data soothed worries about the state of nation’s economy and dampened hopes of more monetary easing.
In the Asian session, at GMT0300, Gold is trading at 1659.35, 0.19% lower from yesterday’s close.
Gold is expected to find support at 1653.76, and a fall through could take it to the next support level of 1648.17. Gold is expected to find its first resistance at 1668.30, and a rise through could take it to the next resistance level of 1677.25.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
