Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1352.13 per ounce, as a stronger US Dollar weighed on the demand prospect of the dollar denominated commodity. Prices of the yellow metal also faced some pressure from investors’ decision to refrain from taking major bets amid concerns over the outcome of Fed’s two-day policy meeting, due later this week.
However, losses in gold were capped on hopes that upcoming festive season in India might spur demand for physical gold in the nation.
In the Asian session, at GMT0400, Gold is trading at 1355.51, 0.25% higher from yesterday’s close.
Gold is expected to find support at 1347.37, and a fall through could take it to the next support level of 1339.23. Gold is expected to find its first resistance at 1362.79, and a rise through could take it to the next resistance level of 1370.07.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
