Gold Movement
Gold prices traded higher by 1.03% against the USD in the 24 hour period ending 23:00GMT, at 1,568.35 per ounce, as fears that the European debt crisis would spread across the other Euro-Zone countries, boosted demand for safe-haven assets.
Gold was also supported from the minutes of the Federal Reserve’s June policy meeting indicating that the central bank might be open to more monetary stimulus.
In the Asian session at 3:00GMT, gold is trading at USD 1,565.05 per ounce, 0.21% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,578.95, with the next resistance at 1,592.85. The pair is expected to find support at 1,545.85 and subsequently at 1,526.65.
The pair is trading just above its 20 Hr and its 50 Hr moving averages.
