Gold Movement
Gold prices traded lower by 0.80% against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1,681.77 per ounce, as investors flocked to the greenback, after a fresh set of European credit-rating downgrades.
In the Asian session, at GMT0400, Gold is trading at 1706.68, 1.48% higher from Friday’s close.
Gold is expected to find support at 1683.14, and a fall through could take it to the next support level of 1659.59. Gold is expected to find its first resistance at 1719.34, and a rise through could take it to the next resistance level of 1731.99.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
