Gold Movement
Gold prices traded higher by 1.38% against the USD in the 24 hour period ending 23:00GMT, at 1744.69 per ounce, as dollar weakened following hopes that Greek authorities are close to an agreement with its international creditors for a bailout plan.
Additionally, Federal Reserve Chairman Ben Bernanke’s comments indicated that the door is not shut for the possibility of fresh quantitative easing, further supporting gold prices.
In the Asian session, at GMT0400, Gold is trading at 1746.61, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1721.25, and a fall through could take it to the next support level of 1695.89. Gold is expected to find its first resistance at 1760.99, and a rise through could take it to the next resistance level of 1775.36.
The yellow metal is trading above its 20 Hr and its 50 Hr moving average.
