Gold Movement
Gold prices traded lower by 1.51% against the USD in the 24 hour period ending 23:00GMT, at 1576.32 per ounce.
A noted French bank offered a dismal outlook for the yellow metal, stating that the gold price is in “bubble territory”.
In the Asian session, at GMT0300, Gold is trading at 1568.78, 0.48% lower from yesterday’s close.
Gold is expected to find support at 1554.13, and a fall through could take it to the next support level of 1539.47. Gold is expected to find its first resistance at 1593.66, and a rise through could take it to the next resistance level of 1618.53.
The yellow metal is trading way below its 20 Hr and 50 Hr moving averages.
