Gold Movement
On Friday Gold prices traded higher by 1.03% against the USD in the period ending 21:00GMT, at 1335.66 per ounce, as lingering concerns over a possible US government shut down, bolstered the demand outlook of the safe-haven metal. The prices of the precious metal also received a boost from Chicago Fed President and New York Fed Chief’s comments that the Fed might continue with its asset purchase programme for a longer time than estimated to fuel growth in the US economy.
In the Asian session, at GMT0300, Gold is trading at 1339.90, 0.32% higher from Friday’s close.
Gold is expected to find support at 1322.84, and a fall through could take it to the next support level of 1305.79. Gold is expected to find its first resistance at 1355.65, and a rise through could take it to the next resistance level of 1371.41.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
