Gold Movement
Gold prices traded higher by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1,648.93 per ounce, as the greenback declined and amid speculation that China may loosen monetary policy.
In the Asian session, at GMT0400, Gold is trading at 1639.20, 0.59% lower from yesterday’s close.
Gold is expected to find support at 1628.86, and a fall through could take it to the next support level of 1618.52. Gold is expected to find its first resistance at 1655.86, and a rise through could take it to the next resistance level of 1672.52.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
