Gold Movement
Gold prices traded higher by 0.61% against the USD in the 24 hour period ending 23:00GMT, at 1332.95 per ounce, as investors favoured the safe-haven metal amid escalating speculation that the US Senate negotiation over budget might result in a government shutdown. However, lingering concerns that the Fed might taper the size of its stimulus programme in its October meeting, capped the gains of the yellow metal.
In the Asian session, at GMT0300, Gold is trading at 1330.93, 0.15% lower from yesterday’s close.
Gold is expected to find support at 1319.00, and a fall through could take it to the next support level of 1307.08. Gold is expected to find its first resistance at 1340.53, and a rise through could take it to the next resistance level of 1350.14.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
