Gold Movement
Gold prices traded lower by 2.13% against the USD in the 24 hour period ending 23:00GMT, at 1226.82 per ounce, after better-than-expected US retail sales figures sparked market expectations that the Federal Reserve might announce plans to taper its $85 billion in monthly asset purchases, in its next week’s policy meeting.
In the Asian session, at GMT0400, Gold is trading at 1228.49, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1215.51, and a fall through could take it to the next support level of 1202.52. Gold is expected to find its first resistance at 1249.46, and a rise through could take it to the next resistance level of 1270.42.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
