Gold Movement
Gold reversed its downward trend and traded higher by 1.37% against the USD in the 24 hour period ending 23:00GMT, at 1372.32 per ounce, as bottom fishers indulged in buying after the price plunged to its weakest since early 2011.
In the Asian session, at GMT0300, Gold is trading at 1379.27, 0.51% higher from yesterday’s close.
Gold is expected to find support at 1338.36, and a fall through could take it to the next support level of 1297.46. Gold is expected to find its first resistance at 1411.86, and a rise through could take it to the next resistance level of 1444.46.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
