Gold should find support within a $1,510 to $1,560 range

With gold below its 200day MA at $1,620, we expect the metal to continue to struggle. Fortunately, and providing some support, is that physical market demand is improving with the price below $1,600. We expect it to continue. We believe gold should find support within a $1,510 to $1,560 range. Gold support is at $1,565 and $1,550. Resistance is $1,590 and $1,600.

With rumours that the Shanghai Gold Exchange is set to increase silver margins from 15% to 18%, the metal saw additional selling during Asian hours.