Gold: Yellow metal slipped on lackluster physical demand

Gold

Gold Movement

 

Gold prices traded lower by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1641.15 per ounce, as the greenback strengthened, and amid lack luster physical demand from major Asian consumers.

In the Asian session, at GMT0300, Gold is trading at 1641.16, marginally higher from yesterday’s close.

Gold is expected to find support at 1634.62, and a fall through could take it to the next support level of 1628.09. Gold is expected to find its first resistance at 1651.09, and a rise through could take it to the next resistance level of 1661.03.

The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.

This entry was posted in Gold. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>