Gold Movement
Gold prices traded higher by 2.05% against the USD in the 24 hour period ending 23:00GMT, at 1341.33 per ounce, as weakness in the US Dollar bolstered the demand outlook of the dollar denominated metal. The USD lost ground against major counterparts after a lacklustre US employment data dimmed hopes that the Fed might taper the size of its asset purchase programme in the near future.
In the Asian session, at GMT0300, Gold is trading at 1339.71, 0.12% lower from yesterday’s close.
Gold is expected to find support at 1318.40, and a fall through could take it to the next support level of 1297.10. Gold is expected to find its first resistance at 1352.93, and a rise through could take it to the next resistance level of 1366.16.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
