Gold Movement
Gold prices traded lower by 1.73% against the USD in the 24 hour period ending 23:00GMT, at 1302.81 per ounce, amid profit-taking and a stronger US Dollar. The prices of the yellow metal also came under pressure after the World Gold Council indicated that as much as 1,000 metric tons of bullion in China, the world’s largest importer of gold, might be tied up in financing deals.
In the Asian session, at GMT0300, Gold is trading at 1297.70, 0.39% lower from yesterday’s close.
Gold is expected to find support at 1279.26, and a fall through could take it to the next support level of 1260.82. Gold is expected to find its first resistance at 1319.20, and a rise through could take it to the next resistance level of 1340.70.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
