Gold Movement
Gold prices traded lower by 1.26% against the USD in the 24 hour period ending 23:00GMT, at 1314.09 per ounce, amid speculation that the Fed might decide to start tapering its $85 billion asset-purchase programme, in its policy meeting on Wednesday.
In the Asian session, at GMT0300, Gold is trading at 1313.36, 0.06% lower from yesterday’s close.
Gold is expected to find support at 1300.16, and a fall through could take it to the next support level of 1286.96. Gold is expected to find its first resistance at 1329.83, and a rise through could take it to the next resistance level of 1346.30.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
