Gold Movement
Gold prices traded higher by 1.00% against the USD in the 24 hour period ending 23:00GMT, at 1346.47 per ounce, as an upbeat rise in China’s HSBC manufacturing PMI bolstered the demand prospect of the commodity. The prices of the yellow metal also received some support from lingering speculation that a weakness in the US jobs markets would compel the Fed to continue with its stimulus measures for a longer time than anticipated.
In the Asian session, at GMT0300, Gold is trading at 1342.89, 0.27% lower from yesterday’s close.
Gold is expected to find support at 1333.92, and a fall through could take it to the next support level of 1324.96. Gold is expected to find its first resistance at 1351.95, and a rise through could take it to the next resistance level of 1361.02.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
