Gold Movement
Gold prices traded lower by 1.21% against the USD in the 24 hour period ending 23:00GMT, at 1266.81 per ounce, after Dallas Fed President, Richard Fisher’s recent comments on the Fed’s stimulus measures, fuelled fresh speculation for an earlier-than-expected tapering of the central bank’s bond-buying programme. Richard Fisher, in an interview with CNBC, urged the markets to be prepared for a slow-down in the pace of the Fed’s stimulus measures, stating that “markets should also bear in mind that this program cannot go on forever.”
In the Asian session, at GMT0400, Gold is trading at 1270.61, 0.30% higher from yesterday’s close.
Gold is expected to find support at 1259.31, and a fall through could take it to the next support level of 1248.01. Gold is expected to find its first resistance at 1284.02, and a rise through could take it to the next resistance level of 1297.43.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
