Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 1.92% against the USD and closed at USD1702.50 per ounce, as global equity markets edged higher on optimism over global economic recovery.
In the Asian session, at GMT0300, the pair is trading at 1707.70, with gold trading 0.31% higher against the USD from yesterday’s close.
The pair is expected to find support at 1687.40, and a fall through could take it to the next support level of 1667.10. The pair is expected to find its first resistance at 1730.90, and a rise through could take it to the next resistance level of 1754.10.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
