Gold: Yellow metal trading marginally lower in the morning session

Gold

Gold Movement

Gold prices traded lower by 0.39% against the USD in the 24 hour period ending 23:00GMT, at 1284.94 per ounce, as optimism on the recovery of the US economy and a rally in the US equity markets lured investors away from the safe-haven metal. Additionally, lingering concerns on outflow from the world’s largest gold-backed ETF, SPDR Gold Trust, further weighed on the prices of the yellow metal.

In the Asian session, at GMT0300, Gold is trading at 1284.63, tad lower from yesterday’s close.

Gold is expected to find support at 1276.05, and a fall through could take it to the next support level of 1267.48. Gold is expected to find its first resistance at 1293.10, and a rise through could take it to the next resistance level of 1301.58.

The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.

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