Gold Movement
Gold prices traded lower by 0.61% against the USD in the 24 hour period ending 23:00GMT, at 1619.69 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1620.53, 0.05% higher from yesterday’s close, amid speculation that the US Federal Reserve may extend its long-term bond-buying programme to stimulate the economy at its two-day Federal Open Market Committee meeting.
Gold is expected to find support at 1614.30, and a fall through could take it to the next support level of 1608.06. Gold is expected to find its first resistance at 1630.06, and a rise through could take it to the next resistance level of 1639.59.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
