Gold Movement
On Friday Gold prices traded higher by 0.29% against the USD in the period ending 21:00GMT, at 1,327.60 per ounce, as a weaker dollar bolstered the demand outlook of the dollar denominated commodity. However, speculation that the Fed might start tapering its asset purchase programme, in its policy meeting next week, kept the yellow metal’s gains in check.
In the Asian session, at GMT0300, Gold is trading at 1,330.84, 0.24% higher from Friday’s close.
Gold is expected to find support at 1,311.79, and a fall through could take it to the next support level of 1,292.73. Gold is expected to find its first resistance at 1,343.15, and a rise through could take it to the next resistance level of 1,355.45.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
