Gold Movement
On Friday Gold prices traded lower by 0.25% against the USD in the period ending 21:00GMT, at 1462.09 per ounce, as investor indulged in profit booking.
Over the weekend, a leading broker lowered its 2013 gold price forecast to $1,542 per ounce from $1,700 and the 2014 price outlook to $1,600 per ounce from $1,720. However, indicated that it expects gold prices to stabilize after the recent rout as retail demand for gold lends support with rising jewelry and gold coin purchases from Asia.
In the Asian session, at GMT0300, Gold is trading at 1470.00, 0.54% higher from Friday’s close.
Gold is expected to find support at 1450.77, and a fall through could take it to the next support level of 1431.53. Gold is expected to find its first resistance at 1486.72, and a rise through could take it to the next resistance level of 1503.43.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
