Gold Movement
Gold prices traded higher by 0.47% against the USD in the 24 hour period ending 23:00GMT, at 1368.25 per ounce, as lingering optimism on Fed’s decision to maintain its $85 billion asset-purchase programme, continued to support the prices of the yellow metal.
In the Asian session, at GMT0300, Gold is trading at 1364.13, 0.30% lower from yesterday’s close, as investors cashed out of the market to lock in gains after prices rallied following Fed’s announcement.
Gold is expected to find support at 1356.70, and a fall through could take it to the next support level of 1349.26. Gold is expected to find its first resistance at 1373.69, and a rise through could take it to the next resistance level of 1383.24.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
