Gold Movement
Gold prices traded higher by 0.31% against the USD in the 24 hour period ending 23:00GMT, at 1642.93 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1657.68, 0.90% higher from yesterday’s close, encouraged by revived risk appetite, after China announced better than expected economic growth in the last quarter of 2011.
Gold is expected to find support at 1643.23, and a fall through could take it to the next support level of 1628.78. Gold is expected to find its first resistance at 1665.08, and a rise through could take it to the next resistance level of 1672.48.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
