Gold Movement
Gold prices traded lower by 0.61% against the USD in the 24 hour period ending 23:00GMT, at 1333.14 per ounce, as the demand outlook of the dollar-denominated precious metal was hit after the US Dollar stabilised following Tuesday’s fall.
In the Asian session, at GMT0300, Gold is trading at 1334.86, 0.13% higher from yesterday’s close, buoyed by a report that showed manufacturing PMI in China, world’s second largest consumer of gold, rose more than expected in the month of October.
Gold is expected to find support at 1328.65, and a fall through could take it to the next support level of 1322.43. Gold is expected to find its first resistance at 1341.38, and a rise through could take it to the next resistance level of 1347.89.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
