Gold Movement
Gold prices traded higher by 0.31% against the USD in the 24 hour period ending 23:00GMT, at 1241.89 per ounce, ahead of a policy decision from the Federal Reserve on its bullion-friendly stimulus measures. Meanwhile, the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund reported that its holdings fell to its lowest level since January 2009.
In the Asian session, at GMT0400, Gold is trading at 1242.17, tad higher from yesterday’s close.
Gold is expected to find support at 1229.34, and a fall through could take it to the next support level of 1216.51. Gold is expected to find its first resistance at 1253.57, and a rise through could take it to the next resistance level of 1264.97.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
