Gold Movement
Gold prices traded higher by 1.47% against the USD in the 24 hour period ending 23:00GMT, at 1223.65 per ounce, buoyed by speculations that demand for physical gold would rise in Asia. However, concerns on the pace of Fed’s stimulus measures capped gains in the commodity.
In the Asian session, at GMT0400, Gold is trading at 1229.03, 0.44% higher from yesterday’s close.
Gold is expected to find support at 1215.05, and a fall through could take it to the next support level of 1201.08. Gold is expected to find its first resistance at 1240.01, and a rise through could take it to the next resistance level of 1251.00.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
