Gold Movement
Gold prices traded higher by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1643.80 per ounce, as greenback weakened following comments from Federal Reserve Chairman, Ben Bernanke that the US central bank cannot rule out monetary easing if the US economy worsens.
In the Asian session, at GMT0300, Gold is trading at 1645.98, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1631.75, and a fall through could take it to the next support level of 1617.52. Gold is expected to find its first resistance at 1653.53, and a rise through could take it to the next resistance level of 1661.07.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
