Gold Movement
Gold prices traded lower by 0.74% against the USD in the 24 hour period ending 23:00GMT, at 1731.81 per ounce, as improved risk sentiment across the globe weighed on the safe-haven demand for the yellow metal, prompting investors to book profits.
In the Asian session, at GMT0400, Gold is trading at 1732.40, 0.03% higher from yesterday’s close, as a surprisingly high China inflation number supported yellow metal prices, while investors also focused on Greece’s debt talks for direction.
Gold is expected to find support at 1720.43, and a fall through could take it to the next support level of 1708.47. Gold is expected to find its first resistance at 1748.29, and a rise through could take it to the next resistance level of 1764.18.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
