Gold Movement
Gold prices traded lower by 0.40% against the USD in the 24 hour period ending 23:00GMT, at 1606.57 per ounce, snapping its four-day winning streak, despite news that the Federal Reserve would keep interest rates at ultra-low levels.
In the Asian session, at GMT0400, Gold is trading at 1607.93, marginally higher from yesterday’s close.
Gold is expected to find support at 1600.95, and a fall through could take it to the next support level of 1593.96. Gold is expected to find its first resistance at 1614.92, and a rise through could take it to the next resistance level of 1621.90.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
