Coz forex: Gold higher on ECB’s bullish words (08/10/12)

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Cozfx: In the Asian session, at GMT0300, Gold is trading at 1794.62, 0.19% higher from yesterday’s close. Gold prices traded higher by 0.68% against the USD in the 24 hour period ending 23:00GMT, at 1792.20 per ounce, as demand for the precious metal rose, after European Central Bank (ECB) President Mario Draghi reiterated that the central bank was ready to start purchasing the debt of troubled Euro-zone countries.

Technically, gold is predicted to find its first resistance at 1800.40, and a rose through could take it to the next resistance line of 1806.18. Also, gold is predicted to find support at 1784.46, and a fell through could take it to the next support line of 1774.29.

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