Gold Movement
Gold prices traded higher by 2.72% against the USD in the 24 hour period ending 23:00GMT, at 1283.57 per ounce, amid weakness in the US Dollar, after the Federal Reserve Chairman, Ben Bernanke stated that the US central bank would continue to pursue an accommodative monetary policy for now given tame inflation and a still fragile labour market.
In the Asian session, at GMT0300, Gold is trading at 1284.60, marginally higher from yesterday’s close.
Gold is expected to find support at 1255.82, and a fall through could take it to the next support level of 1227.04. Gold is expected to find its first resistance at 1301.59, and a rise through could take it to the next resistance level of 1318.58.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
