Gold Movement
Gold prices traded higher by 0.51% against the USD in the 24 hour period ending 23:00GMT, at 1336.23 per ounce, after reports showed that gold consumption in China has increased.
The China Gold Association reported that the nation’s gold consumption reached 706.36 tonnes in the first half of 2013, up 54% from the year-ago period, as falling prices attracted buyers.
In the Asian session, at GMT0300, Gold is trading at 1334.17, 0.15% lower from yesterday’s close.
Gold is expected to find support at 1323.33, and a fall through could take it to the next support level of 1312.50. Gold is expected to find its first resistance at 1344.70, and a rise through could take it to the next resistance level of 1355.24.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above 50 Hr moving average.
