Gold Movement
Gold prices traded lower by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1272.32 per ounce, on speculation that the US lawmakers would devise a deal to avert a possible default of the world’s largest economy. Senate Majority Leader, Harry Reid stated that he is very optimistic that an agreement on the US budget talks can be reached this week.
In the Asian session, at GMT0300, Gold is trading at 1274.08, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1263.54, and a fall through could take it to the next support level of 1253.01. Gold is expected to find its first resistance at 1287.47, and a rise through could take it to the next resistance level of 1300.87.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
