Gold Movement
Gold prices traded flat against the USD in the 24 hour period ending 23:00GMT, at 1,780.93 per ounce.
Gold prices continued to remain under pressure, as fears that the Euro-zone’s sovereign debt crisis is worsening prompted investors to sell their gold positions to raise liquidity. Additionally, a stronger U.S. dollar also weighed on gold prices.
In the Asian session, at GMT0400, Gold is trading at 1769.35, 0.65% lower from yesterday’s close.
Gold is expected to find support at 1757.92, and a fall through could take it to the next support level of 1746.48. Gold is expected to find its first resistance at 1783.37, and a rise through could take it to the next resistance level of 1797.38.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
