Gold Movement
Gold prices traded higher by 0.65% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,626.20 per ounce, after the vote on the debt plan was postponed and the economic data showed that the US economy rose less than expected.
Gold prices were benefitted, after the news that the US economy grew at a slower-than-expected pace of 1.3% in the second-quarter, according to the Department of Commerce. Gold rally was also taking its cue from Washington, which has been unable to even vote on a debt ceiling plan.
In the Asian session at 3:00GMT, gold is trading at USD 1,613.08 per ounce, 0.81% lower from 23:00GMT, after the US President, Barack Obama, announced Sunday night, that the leaders of the Republican and Democratic parties have agreed on a compromise to raise the US debt ceiling. He added that the deal would cut about $1.0 trillion in spending over the next 10 years.
The pair is expected to find its first short term resistance at 1,628.00, with the next resistance at 1,642.93. The pair is expected to find support at 1,602.75 and subsequently at 1,592.43.
The yellow metal is trading below its 20 Hr and its 50 Hr moving averages.
