Gold Movement
Gold prices traded lower by 0.59% against the USD in the 24 hour period ending 23:00GMT, at 1244.91 per ounce, amid broader gains in the US Dollar. The Dallas Fed President, Richard Fisher, stated that the Fed should have reduced the size of its asset purchases by USD20 billion per month instead of USD10 billion. Negative sentiment was also fuelled after one of the leading broking houses slashed its 2014 gold price forecast by 14.7% to $1,141.00 per ounce and for 2015, by 17.0% to $1,100.00 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1240.93, 0.32% lower from yesterday’s close.
Gold is expected to find support at 1234.81, and a fall through could take it to the next support level of 1228.70. Gold is expected to find its first resistance at 1251.23, and a rise through could take it to the next resistance level of 1261.54.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
