Gold Movement
Gold prices traded lower by 0.70% against the USD in the 24 hour period ending 23:00GMT, at 1253.48 per ounce, as speculations rose that the Federal Reserve would very soon take the tapering route as the US lawmakers reached a budget agreement, which would ease automatic spending cuts, reduce the deficit and avoid a government shutdown.
In the Asian session, at GMT0400, Gold is trading at 1254.81, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1248.93, and a fall through could take it to the next support level of 1243.06. Gold is expected to find its first resistance at 1262.05, and a rise through could take it to the next resistance level of 1269.30.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
