Gold Movement
Gold prices traded lower by 0.73% against the USD in the 24 hour period ending 23:00GMT, at 1242.80 per ounce, after encouraging US housing data indicated that the US economy is showing signs of strength and the US Federal Reserve may give a thought to start with its tapering process soon, thereby weighing on the precious metal. However, a decline in the US consumer confidence data in November helped the yellow metal to recoup its losses to some extent.
In the Asian session, at GMT0400, Gold is trading at 1246.45, 0.29% higher from yesterday’s close.
Gold is expected to find support at 1239.03, and a fall through could take it to the next support level of 1231.62. Gold is expected to find its first resistance at 1254.63, and a rise through could take it to the next resistance level of 1262.82.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
