Gold Movement
Gold prices traded lower by 0.67% against the USD on Friday in the 24 hour period ending 23:00GMT, at 1,637.83 per ounce, amid profit booking.
In the Asian session, at GMT0400, Gold is trading at 1636.93, 0.05% lower from Friday’s close.
Gold is expected to find support at 1,625.21, and a fall through could take it to the next support level of 1,613.50. Gold is expected to find its first resistance at 1,648.88, and a rise through could take it to the next resistance level of 1,660.83.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
