By GCI Forex Research
Gold MovementGold prices traded lower by 0.19% against the USD in the 24 hour period ending 23:00GMT, at 1,426.48 per ounce, snapping a two-day advance, as Japan’s strongest quake and a worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting investors to book profits.
In the Asian session at 4:00GMT, gold is trading at USD 1,408.38 per ounce, 1.27% lower from 23:00GMT.
The pair is expected to find its first short term resistance at 1,419.68, with the next resistance at 1,430.99. The pair is expected to find support at 1,407.83 and subsequently at 1,407.29.
The yellow metal is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
Forex Daily Market Commentary provided by GCI Financial Ltd.
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