Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1068.30 per ounce, after upbeat US consumer confidence data dented demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1069.9, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1066.20, and a fall through could take it to the next support level of 1062.50. The pair is expected to find its first resistance at 1074.10, and a rise through could take it to the next resistance level of 1078.30.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
