Gold Movement
Gold prices traded higher by 1.33% against the USD in the 24 hour period ending 23:00GMT, at 1108.60 per ounce, continuing its upward rally, as investors looked for solace in the safe-haven asset amid worries over China’s economic growth and geopolitical problems in the Middle-East.
In the Asian session, at GMT0400, the pair is trading at 1103, with the gold trading 0.51% lower from yesterday’s close.
The pair is expected to find support at 1092.43, and a fall through could take it to the next support level of 1081.87. The pair is expected to find its first resistance at 1113.33, and a rise through could take it to the next resistance level of 1123.67.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
