Gold Movement
On Friday Gold prices traded higher by 0.25% against the USD in the period ending 21:00GMT, at 1228.40 per ounce, after Chicago Fed President, Charles Evans, eased concerns over an earlier-than-expected tapering of Fed stimulus measures, stating that he was not sure whether the recent surge in the US employment were sustainable. Earlier during the day, gold gave up ground against the US Dollar, as the latter strengthened after reports showed that unemployment rate in the US declined more-than-expected to 7.0% in November and non-farm payrolls surpassed market estimates rose beyond market estimates to a reading of 203,000 in November.
In the Asian session, at GMT0400, Gold is trading at 1230.34, 0.16% higher from Friday’s close.
Gold is expected to find support at 1212.08, and a fall through could take it to the next support level of 1193.81. Gold is expected to find its first resistance at 1247.13, and a rise through could take it to the next resistance level of 1263.91.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
