Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.03% against the USD and closed at USD1706.20 per ounce, and speculation that the US Federal Reserve will continue with its dovish monetary policy.
In the Asian session, at GMT0300, the pair is trading at 1701.00, with gold trading 0.30% lower against the USD from yesterday’s close.
The pair is expected to find support at 1689.53, and a fall through could take it to the next support level of 1678.07. The pair is expected to find its first resistance at 1711.13, and a rise through could take it to the next resistance level of 1721.27.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
