Gold Movement
Gold prices traded higher by 0.68% against the USD in the 24 hour period ending 23:00GMT, at 1330.04 per ounce, as traders took refuge under the safe-haven metal amid bets that the unfavourable climatic condition in the US would hamper the nation’s economic growth.
In the Asian session, at GMT0400, Gold is trading at 1321.23, 0.66% lower from yesterday’s close.
Gold is expected to find support at 1317.13, and a fall through could take it to the next support level of 1313.03. Gold is expected to find its first resistance at 1328.89, and a rise through could take it to the next resistance level of 1336.55.
The yellow metal is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
