Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24 hour period ending 23:00GMT, at 1605.25 per ounce, as profit booking prevailed among gold traders amid signs that global financial strains are easing.
In the Asian session, at GMT0400, Gold is trading at 1607.85, 0.16% higher from yesterday’s close.
Gold is expected to find support at 1600.76, and a fall through could take it to the next support level of 1593.67. Gold is expected to find its first resistance at 1615.02, and a rise through could take it to the next resistance level of 1622.19.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
