Gold Movement
Gold prices traded lower by 0.21% against the USD in the 24 hour period ending 23:00GMT, at 1311.74 per ounce, as an upbeat rise in the US ISM non-manufacturing index strengthened the prospect that the Fed might start tapering the size of its stimulus package in the near future.
In the Asian session, at GMT0400, Gold is trading at 1314.08, 0.18% higher from yesterday’s close, after a report revealed that sales of gold coins and minted bars from Australia’s Perth Mint climbed 13% to 77,255 ounces in October from 68,488 ounces recorded in September.
Gold is expected to find support at 1306.47, and a fall through could take it to the next support level of 1298.86. Gold is expected to find its first resistance at 1321.20, and a rise through could take it to the next resistance level of 1328.32.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
