Gold Movement
Gold prices traded higher by 0.60% against the USD in the 24 hour period ending 23:00GMT, at 1291.72 per ounce, as escalating tensions between Russia and Ukraine spurred demand for safe-haven assets. However, a rally in world equity markets and the recent batch of upbeat economic releases from the US capped the commodity’s gains.
In the Asian session, at GMT0300, Gold is trading at 1291.90, slightly higher from yesterday’s close.
Gold is expected to find support at 1274.00, and a fall through could take it to the next support level of 1256.09. Gold is expected to find its first resistance at 1304.48, and a rise through could take it to the next resistance level of 1317.05.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
