Gold Movement
Gold prices traded lower marginally against the USD in the 24 hour period ending 23:00GMT, at 1417.43 per ounce, as a stronger greenback curbed demand of gold as alternative investment. Also a recent surge in yellow metal prices, encouraged profit booking among traders.
Gold prices in India rose sharply yesterday as the local currency plunged to a new record low against the greenback.
In the Asian session, at GMT0300, Gold is trading at 1409.4, 0.57% lower from yesterday’s close.
Gold is expected to find support at 1400.29, and a fall through could take it to the next support level of 1391.18. Gold is expected to find its first resistance at 1426.17, and a rise through could take it to the next resistance level of 1442.94.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
