Gold Movement
Gold prices traded higher by 0.08% against the USD in the 24 hour period ending 23:00GMT, at 1303.91 per ounce, as geopolitical turmoil in Ukraine bolstered the demand for safe-haven metal. Meanwhile, the Fed Chief, Janet Yellen’s indication for a prolonged period of low interest rate in the US economy also supported the prices of yellow metal. Separately, a report revealed that holdings in SPDR Gold Trust fell 8.39 tonnes to 798.43 tonnes on Wednesday – the biggest fall since 23 December.
In the Asian session, at GMT0300, Gold is trading at 1301.47, 0.19% lower from yesterday’s close.
Gold is expected to find support at 1294.41, and a fall through could take it to the next support level of 1287.36. Gold is expected to find its first resistance at 1307.85, and a rise through could take it to the next resistance level of 1314.24.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
