Gold Movement
Gold prices traded higher by 1.59% against the USD in the 24 hour period ending 23:00GMT, at 1094.10 per ounce, amid a broad slump in global equity markets, on the back of worries over the Chinese economy and heightened geopolitical tensions.
In the Asian session, at GMT0400, the pair is trading at 1097.4, with the gold trading 0.3% higher from yesterday’s close.
The pair is expected to find support at 1081.90, and a fall through could take it to the next support level of 1066.40. The pair is expected to find its first resistance at 1107.70, and a rise through could take it to the next resistance level of 1118.00.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
