Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1315.99 per ounce, as an upbeat weekly jobless claim data fuelled fresh speculation that strength in the US labour market might facilitate Fed to taper its stimulus programme sooner than expected. Negative sentiment was also fuelled after reports indicated that demand for the yellow metal moved in the bearish territory in the Chinese markets. However, the losses were capped after a lacklustre US ISM non-manufacturing data compelled investors to take refuge under the safe-haven metal.
In the Asian session, at GMT0300, Gold is trading at 1315.43, marginally lower from yesterday’s close.
Gold is expected to find support at 1303.91, and a fall through could take it to the next support level of 1292.39. Gold is expected to find its first resistance at 1325.15, and a rise through could take it to the next resistance level of 1334.87.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
