Gold Movement
Gold prices traded 0.76% higher against the USD in the 24 hour period ending 23:00GMT, at 1592.85 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1593.10, 0.74% higher from yesterday’s close, ahead of the US Federal Reserve Chairman, Ben Bernanke’s two-day testimony to Congress.
Gold is expected to find support at 1584.38, and a fall through could take it to the next support level of 1575.65. Gold is expected to find its first resistance at 1600.19, and a rise through could take it to the next resistance level of 1607.27.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
