Gold Movement
Gold prices traded lower by 1.09% against the USD in the 24 hour period ending 23:00GMT, at 1276.95 per ounce. Yesterday, the Fed Chairman, Ben Bernanke, indicated that there was no set time line for the central bank to taper down its $85-billion-a-month asset buying program. In his remarks, Ben Bernanke reiterated his earlier guidance that the US central bank still expects to start scaling back its bond purchase programme later this year, but he left open the option of changing that plan if the economic outlook shifted.
In the Asian session, at GMT0300, Gold is trading at 1278.57, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1265.71, and a fall through could take it to the next support level of 1252.86. Gold is expected to find its first resistance at 1296.15, and a rise through could take it to the next resistance level of 1313.74.
The yellow metal is trading below its 20 Hr and its 50 Hr moving averages.
