Gold Movement
Gold prices traded higher by 0.67% against the USD in the 24 hour period ending 23:00GMT, at 1239.97 per ounce, amid bargain hunting. However, the gold prices dropped after a few key Fed policymakers, hinted that a recent improvement in the US job-markets might facilitate the Fed to start tapering the size of its asset-purchase programme at its December policy meeting.
In the Asian session, at GMT0400, Gold is trading at 1242.52, 0.21% higher from yesterday’s close.
Gold is expected to find support at 1232.20, and a fall through could take it to the next support level of 1221.88. Gold is expected to find its first resistance at 1248.04, and a rise through could take it to the next resistance level of 1253.56.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
