Gold Movement
Gold prices traded lower by 0.92% against the USD in the 24 hour period ending 23:00GMT, at 1413.53 per ounce, as weak factory output figures from Europe and China prompted investors to seek safe-haven positions in the US Dollar.
In the Asian session, at GMT0300, Gold is trading at 1422.86, 0.66% higher from yesterday’s close.
Gold is expected to find support at 1407.56, and a fall through could take it to the next support level of 1392.26. Gold is expected to find its first resistance at 1435.58, and a rise through could take it to the next resistance level of 1448.30.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
