Gold Movement
Gold prices traded lower by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1574.91 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1579.05, 0.26% higher from yesterday’s close, as speculation rose among investors that disappointing data in Europe and China together with fiscal uncertainties in the US would lead their respective central banks to keep monetary stimulus measures in place, thereby supporting yellow-metal’s appeal as a hedge against inflation.
Gold is expected to find support at 1571.84, and a fall through could take it to the next support level of 1564.62. Gold is expected to find its first resistance at 1583.97, and a rise through could take it to the next resistance level of 1588.88.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
