Gold prices traded higher marginally against the USD, on Friday, in the 24 hour period ending 23:00GMT, at 1642.20 per ounce, as a positive economic data from Euro-zone lifted investors’ sentiment, raising demand for precious metals.
In the Asian session, at GMT0300, Gold is trading at 1642.62, 0.03% higher from Friday’s close.
Gold is expected to find support at 1638.4, and a fall through could take it to the next support level of 1634.18. Gold is expected to find its first resistance at 1647.07, and a rise through could take it to the next resistance level of 1651.52.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.