Gold Movement
Gold prices traded lower by 0.64% against the USD in the 24 hour period ending 23:00GMT, at 1276.70 per ounce, as improving economic conditions in the US supported the case for the Federal Reserve to taper its bond buying program sooner-than-expected.
In the Asian session, at GMT0300, Gold is trading at 1249.20, 2.15% lower from yesterday’s close.
Gold is expected to find support at 1232.19, and a fall through could take it to the next support level of 1215.17. Gold is expected to find its first resistance at 1278.02, and a rise through could take it to the next resistance level of 1306.83.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
