Gold Movement
Gold prices traded lower by 4.58% against the USD in the 24 hour period ending 23:00GMT, at 1283.38 per ounce, after the Federal Reserve Chief, Ben Bernanke signalled a scale back of its monetary easing in the near future as the US economy picks up momentum.
In the Asian session, at GMT0300, Gold is trading at 1289.55, 0.48% higher from yesterday’s close.
Gold is expected to find support at 1256.53, and a fall through could take it to the next support level of 1223.52. Gold is expected to find its first resistance at 1335.48, and a rise through could take it to the next resistance level of 1381.42.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
