Gold Movement
Gold prices traded lower by 0.72% against the USD in the 24 hour period ending 23:00GMT, at 1308.08 per ounce, after data revealed that the US Gross Domestic Product (GDP) rose more than analysts’ expectation for the third quarter.
In the Asian session, at GMT0400, Gold is trading at 1309.36, 0.10% higher from yesterday’s close.
Gold is expected to find support at 1294.80, and a fall through could take it to the next support level of 1280.25. Gold is expected to find its first resistance at 1325.24, and a rise through could take it to the next resistance level of 1341.13.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
