Gold Movement
On Friday Gold prices traded higher by 0.16% against the USD in the 24 hour period ending 23:00GMT, at 1624.97 per ounce, as weak economic data from the US raised expectation of monetary stimulus by Federal Reserve.
In the Asian session, at GMT0300, Gold is trading at 1624.35, 0.04% lower from Friday’s close.
Gold is expected to find support at 1608.71, and a fall through could take it to the next support level of 1593.07. Gold is expected to find its first resistance at 1636.94, and a rise through could take it to the next resistance level of 1649.54.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
