Gold Movement
Gold prices traded lower by 0.07% against the USD in the 24 hour period ending 23:00GMT, at 1284.09 per ounce. However, earlier during the day, gold prices rose as ongoing tensions in Ukraine refused to subside and soft US home sales and Markit manufacturing PMI data, spurred demand for safe-haven assets.
In the Asian session, at GMT0300, Gold is trading at 1286.90, 0.22% higher from yesterday’s close.
Gold is expected to find support at 1282.18, and a fall through could take it to the next support level of 1277.47. Gold is expected to find its first resistance at 1290.38, and a rise through could take it to the next resistance level of 1293.87.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
