Gold Movement
Gold prices traded lower by 0.36% against the USD in the 24 hour period ending 23:00GMT, at 1255.30 per ounce, with focus on Fed’s stimulus plans. However, earlier during the day, prices of gold advanced after data showed that holdings in gold ETFs rose by 7.4 tonnes on Friday, the highest daily amount since October 2012.
In the Asian session, at GMT0400, Gold is trading at 1252.24, 0.24% lower from yesterday’s close.
Gold is expected to find support at 1244.49, and a fall through could take it to the next support level of 1236.73. Gold is expected to find its first resistance at 1262.67, and a rise through could take it to the next resistance level of 1273.09.
The yellow metal is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
