Gold Movement
Gold prices traded higher by 0.77% against the USD in the 24 hour period ending 23:00GMT, at 1391.45 per ounce, as the dollar weakened.
Yesterday, the World Gold Council (WGC) indicated that demand for the yellow metal in India during the Q22013 is likely to double to reach at 350-400 tonnes.
In the Asian session, at GMT0300, Gold is trading at 1394.30, 0.20% higher from yesterday’s close.
Gold is expected to find support at 1384.33, and a fall through could take it to the next support level of 1374.37. Gold is expected to find its first resistance at 1401.11, and a rise through could take it to the next resistance level of 1407.93.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
