Gold Movement
On Friday Gold prices traded higher by 0.97% against the USD in the period ending 21:00GMT, at 1201.93 per ounce. However, gains were limited as the US Dollar was buoyed by data showing that the US economy grew much more-than-expected, supporting the Federal Reserve’s decision to begin cutting back on asset purchases earlier in the week.
In the Asian session, at GMT0400, Gold is trading at 1202.07, marginally higher from Friday’s close.
Gold is expected to find support at 1193.08, and a fall through could take it to the next support level of 1184.10. Gold is expected to find its first resistance at 1209.38, and a rise through could take it to the next resistance level of 1216.70.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
