Gold Movement
Gold prices traded lower by 1.40% against the USD in the 24 hour period ending 23:00GMT, at 1392.00 per ounce, as investors refrained from taking major bets amid ongoing tensions between the US and Syria. However, the losses were kept in check, following a report that highlighted a strike among miners demanding more pay hit production at most gold mines in South Africa.
In the Asian session, at GMT0300, Gold is trading at 1393.56, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1380.90, and a fall through could take it to the next support level of 1368.25. Gold is expected to find its first resistance at 1410.20, and a rise through could take it to the next resistance level of 1426.85.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
