Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose marginally against the USD and closed at 1101.70. However, gold prices pared its gains, after the ECB Chief, Mario Draghi’s comment hinted at more stimulus in the euro-region.
In the Asian session, at GMT0400, the pair is trading at 1100.7, with the gold trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 1093.87, and a fall through could take it to the next support level of 1087.03. The pair is expected to find its first resistance at 1106.167, and a rise through could take it to the next resistance level of 1111.63.
The yellow metal is trading above its 20 Hr and 50 Hr moving average.
