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.
