Gold Movement
Gold prices traded lower by 0.82% against the USD in the 24 hour period ending 23:00GMT, at 1322.07 per ounce, as the US Dollar advanced following an unexpected drop in the US weekly jobless claim, which strengthened the prospect of the Fed to start tapering its stimulus measures in its upcoming policy meeting.
In the Asian session, at GMT0300, Gold is trading at 1324.50, 0.18% higher from yesterday’s close.
Gold is expected to find support at 1315.86, and a fall through could take it to the next support level of 1307.22. Gold is expected to find its first resistance at 1336.27, and a rise through could take it to the next resistance level of 1348.04.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
