Gold Movement
Gold prices traded higher by 0.82% against the USD in the 24 hour period ending 23:00GMT, at 1301.31 per ounce. The greenback came under pressure, after data showed that retail sales in the US fell in January, while another indicator revealed that more Americans filed for jobless benefits last week, raising fears about nation’s economic growth.
In the Asian session, at GMT0400, Gold is trading at 1304.72, 0.26% higher from yesterday’s close.
Gold is expected to find support at 1291.66, and a fall through could take it to the next support level of 1278.60. Gold is expected to find its first resistance at 1312.47, and a rise through could take it to the next resistance level of 1320.22.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
