Gold Movement
Gold prices traded higher by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1284.88 per ounce, with traders left to speculate about the timing of the Federal Reserve’s plan to taper its bond-buying program after Fed Chairman, Ben Bernanke, concluded the second and final day of his semi-annual testimony to Congress.
In his second day of congressional testimony, the Federal Reserve Chairman, Ben Bernanke affirmed that the central bank would likely reduce its program of buying $85 billion of bonds a month later in 2013 and halt it altogether by mid-2014. He also left open the option of changing stimulus exit plans if the economic outlook grew worse.
In the Asian session, at GMT0300, Gold is trading at 1289.97, 0.40% higher from yesterday’s close.
Gold is expected to find support at 1280.09, and a fall through could take it to the next support level of 1270.20. Gold is expected to find its first resistance at 1295.09, and a rise through could take it to the next resistance level of 1300.20.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
