Gold Movement
Gold prices traded lower by 1.41% against the USD in the 24 hour period ending 23:00GMT, at 1225.35 per ounce, as positive data from the US diminished the precious metal’s safe-haven appeal. Economic data released yesterday indicated that the US jobless claims fell last week and the US economy grew at the fastest pace since early 2012, thereby raising speculations that the Federal Reserve may soon take a stand on tapering its stimulus programme.
In the Asian session, at GMT0400, Gold is trading at 1226.05, 0.06% higher from yesterday’s close.
Gold is expected to find support at 1215.24, and a fall through could take it to the next support level of 1204.42. Gold is expected to find its first resistance at 1238.81, and a rise through could take it to the next resistance level of 1251.56.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
