Gold Movement
The yellow metal fell deeper into the bear-market territory, extending its slump into a second straight session, as prices nosedived 8.84% against the USD in the 24 hour period ending 23:00GMT, at 1353.82 per ounce.
Global metal prices also fell following a report that indicated that growth unexpectedly slowed in China.
In the Asian session, at GMT0300, Gold is trading at 1343.91, 0.73% lower from yesterday’s close.
Gold is expected to find support at 1290.83, and a fall through could take it to the next support level of 1237.75. Gold is expected to find its first resistance at 1428.11, and a rise through could take it to the next resistance level of 1512.31.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
