Gold: Gold gains ground on monetary easing hopes

Gold: Gold gains ground on monetary easing hopes

Gold Movement

Gold prices traded higher by 0.04% against the USD in the 24 hour period ending 23:00GMT, at 1643.30 per ounce, as Friday’s nonfarm payrolls data revived expectations that the Federal Reserve could introduce new monetary easing measures in the US, while expectations of increased demand in top consumers India and China lent further support.

In the Asian session, at GMT0300, Gold is trading at 1654.51, 0.68% higher from yesterday’s close.

Gold is expected to find support at 1642.45, and a fall through could take it to the next support level of 1630.40. Gold is expected to find its first resistance at 1660.61, and a rise through could take it to the next resistance level of 1666.71.

The yellow metal is trading above its 20 Hr and 50 Hr moving averages.

Contributed by GCI Trading

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