Gold Movement
Gold prices traded higher by 1.36% against the USD in the 24 hour period ending 23:00GMT, at 1,651.72 per ounce, as greenback weakened and amid optimism that European leaders would take steps to resolve the region’s debt crisis, boosting investor’s interest in the precious metal.
In the Asian session at 3:00GMT, gold is trading at USD 1,640.57 per ounce, 0.68% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,668.15, with the next resistance at 1,695.73. The pair is expected to find support at 1,621.81 and subsequently at 1,603.05.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
