Gold Movement
Gold prices traded higher by 0.19% against the USD in the 24 hour period ending 23:00GMT, at 1711.71 per ounce, as appeal of the precious metal increased after the Bank of Japan increased the size of its asset-purchase program and following a weaker dollar.
In the Asian session, at GMT0400, Gold is trading at 1711.52, marginally lower from yesterday’s close, with investors staying cautious ahead of key US employment data during the week, US presidential election next week and in the wake of Hurricane Sandy.
Gold is expected to find support at 1708.14, and a fall through could take it to the next support level of 1704.75. Gold is expected to find its first resistance at 1715.12, and a rise through could take it to the next resistance level of 1718.71.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
