Gold prices have moderate support at $1,603.50 a
troy ounce and then weak psychological support at $1,600/oz, according to
technical analysis from Credit Agricole. The house pegs weak resistance for the
yellow metal at $1,629.20/oz and then at its 200-day moving average at
$1,633.40/oz, which the CA analysts say is a stronger level. Market
participants say a break through the 200-day moving average would be a
significant bullish indicator for gold and would trigger fresh buying activity.
Spot gold is trading at $1,616.23/oz, up $5.23 from its previous close amid
safe-haven buying activity in Asia.
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