Gold Movement
Gold prices traded lower by 1.10% against the USD in the 24 hour period ending 23:00GMT, at 1219.00 per ounce, after the Federal Reserve announced a $10 billion a month-bond buying reduction, beginning in January 2014.
In the Asian session, at GMT0400, Gold is trading at 1220.58, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1209.39, and a fall through could take it to the next support level of 1198.19. Gold is expected to find its first resistance at 1238.32, and a rise through could take it to the next resistance level of 1256.05.
The yellow metal is trading below with its 20 Hr and 50 Hr moving averages.
