Gold Movement
Gold prices traded lower by 1.17% against the USD in the 24 hour period ending 23:00GMT, at 1557.92 per ounce, on the back of sluggish demand at existing higher levels.
In the Asian session, at GMT0300, Gold is trading at 1544.27, 0.88% lower from yesterday’s close.
Gold is expected to find support at 1531.81, and a fall through could take it to the next support level of 1519.35. Gold is expected to find its first resistance at 1566.74, and a rise through could take it to the next resistance level of 1589.21.
The yellow metal is trading way below its 20 Hr and 50 Hr moving averages.
