Gold Movement
Gold prices traded higher by 0.50% against the USD in the 24 hour period ending 23:00GMT, at 1582.40 per ounce, as the greenback weakened after a slew of weak US data raised speculation that more stimulus may be coming from the Fed.
In the Asian session, at GMT0300, Gold is trading at 1582.55, marginally higher from yesterday’s close.
Gold is expected to find support at 1575.38, and a fall through could take it to the next support level of 1568.22. Gold is expected to find its first resistance at 1590.93, and a rise through could take it to the next resistance level of 1599.32.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
