Gold Movement
Gold prices traded higher by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1288.27 per ounce, after the nominee for the next Fed Chief, Janet Yellen, during her testimony before the Senate Banking Committee, confirmed her commitment to maintain the central bank’s stimulus measures for a longer time to support the recovery in the US economy.
However, gains in the commodity were capped after the World Gold Council reported that the demand for physical gold fell 21% to 868.5 metric tons in the third quarter, compared to the same time a year ago.
In the Asian session, at GMT0400, Gold is trading at 1288.61, marginally higher from yesterday’s close.
Gold is expected to find support at 1279.77, and a fall through could take it to the next support level of 1270.92. Gold is expected to find its first resistance at 1295.94, and a rise through could take it to the next resistance level of 1303.26.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
