Gold Movement
Gold prices traded higher by 0.39% against the USD in the 24 hour period ending 23:00GMT, at 1068.10 per ounce, extending its previous session gains, after weak US manufacturing data bolstered investor demand for the precious metal.
In the Asian session, at GMT0400, the pair is trading at 1067.6, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1062.93, and a fall through could take it to the next support level of 1058.27. The pair is expected to find its first resistance at 1072.33, and a rise through could take it to the next resistance level of 1077.07.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
