Gold Movement
On Friday Gold prices traded lower by 5.16% against the USD in the period ending 21:00GMT, at 1481.02 per ounce, as institutional investors continue to dispose their gold holdings on concerns that global central banks would reduce their gold holdings and as some prominent brokers recommend selling the precious metal.
In the Asian session, at GMT0300, Gold is trading at 1449.35, 2.14% lower from Friday’s close.
Gold is expected to find support at 1395.19, and a fall through could take it to the next support level of 1341.02. Gold is expected to find its first resistance at 1534.08, and a rise through could take it to the next resistance level of 1618.80.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
