Gold Movement
Gold prices traded lower by 1.84% against the USD in the 24 hour period ending 23:00GMT, at 1,820.09 per ounce, dragged down stronger dollar and fears the metal might be overvalued after rising $1,900 per ounce last week.
In the Asian session at 3:00GMT, gold rebounded and is trading at USD 1,829.65 per ounce, 0.53% higher from 23:00GMT, as a report that China is considering buying Italian bonds brought some light to Europe’s debt-crisis gloom, and gave a mild lift to gold investors.
The pair is expected to find its first short term resistance at 1,858.20, with the next resistance at 1,886.74. The pair is expected to find support at 1,801.15 and subsequently at 1,772.64.
The yellow metal is trading between its 20 Hr and its 50 Hr moving averages.
