Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1,364.31 per ounce, as the demand outlook of the safe-haven metal was hit after the US expressed its willingness for a diplomatic solution over the Syrian crisis after the nation accepted Russia’s proposal to surrender its chemical weapons to international control. The gold prices also came under pressure on speculation that the Fed might decide to start tapering its asset purchase programme in its policy meeting next week.
In the Asian session, at GMT0300, Gold is trading at 1358.44, 0.43% lower from yesterday’s close.
Gold is expected to find support at 1354.67, and a fall through could take it to the next support level of 1350.91. Gold is expected to find its first resistance at 1365.46, and a rise through could take it to the next resistance level of 1372.49.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
