Gold Movement
Gold prices traded lower by 0.23% against the USD in the 24 hour period ending 23:00GMT, at 1341.09 per ounce, as the US Dollar gained ground against major counterparts after the Fed decided to maintain the size of its stimulus package at its October 29-30 policy meeting, keeping options open for tapering in future. The FOMC statement released latter, made no mention of the disappointments in non-farm payrolls or the prospect of weaker job growth in October. More importantly, the central bank also did not mentioned for any concerns over tighter financial conditions, which could have slowed the recovery. Along these same lines, the Fed also did not say that tapering should be postponed until 2014.
In the Asian session, at GMT0400, Gold is trading at 1338.44, 0.20% lower from yesterday’s close.
Gold is expected to find support at 1328.94, and a fall through could take it to the next support level of 1319.45. Gold is expected to find its first resistance at 1353.79, and a rise through could take it to the next resistance level of 1369.15.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
