Gold Movement

Gold prices traded lower by 0.26% against the USD in the 24 hour period ending 23:00GMT, at 1540.40 per ounce.

In the Asian session, at GMT0300, Gold is trading at 1546.19, 0.38% higher from yesterday’s close, as the US Dollar came under pressure after minutes from the latest Federal Reserve meeting showed that some policy makers are in favour of further easing if need may arise to stimulate the US economy.

Gold is expected to find support at 1531.40, and a fall through could take it to the next support level of 1516.61. Gold is expected to find its first resistance at 1556.69, and a rise through could take it to the next resistance level of 1567.18.

The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.