Gold Movement
Gold prices traded higher by 0.65% against the USD in the 24 hour period ending 23:00GMT, at 1391.95 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1393.68, 0.12% higher from yesterday’s close. Earlier, gold prices came under pressure as traders digested news that the US President Barack Obama would have to seek support from the US Congress for a strike on Syria, with Congress not due to reconvene until next week.
Gold is expected to find support at 1384.75, and a fall through could take it to the next support level of 1375.81. Gold is expected to find its first resistance at 1400.90, and a rise through could take it to the next resistance level of 1408.11.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
