Gold Movement
Gold prices traded lower by 2.35% against the USD in the 24 hour period ending 23:00GMT, at 1190.36 per ounce, in the wake of the Federal Reserve’s announcement to begin scaling back of its monthly bond-buying program.
In the Asian session, at GMT0400, Gold is trading at 1196.49, 0.51% higher from yesterday’s close.
Gold is expected to find support at 1180.93, and a fall through could take it to the next support level of 1165.37. Gold is expected to find its first resistance at 1218.25, and a rise through could take it to the next resistance level of 1240.01.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
