Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1387.33 per ounce, as appetite for risk-taking among investors increased following media reports that spurred speculation that Russia’s proposal to place Syria’s chemical weapons under international control might avert a military attack by the US on the Syrian regime.
In the Asian session, at GMT0300, Gold is trading at 1379.90, 0.54% lower from yesterday’s close.
Gold is expected to find support at 1375.71, and a fall through could take it to the next support level of 1371.52. Gold is expected to find its first resistance at 1387.70, and a rise through could take it to the next resistance level of 1395.5.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
