Gold Movement
Gold prices traded lower by 0.79% against the USD in the 24 hour period ending 23:00GMT, at 1312.47 per ounce, after the US Dollar advanced following the release of the minutes from the Fed’s latest policy meeting, which hinted at a continuation of tapering in the central bank’s stimulus. Adding to the negative sentiment for gold was a report that revealed a 7.0% drop in the SPDR Gold Trust holding yesterday to 795.61 tons, the biggest decline witnessed since 23 December.
In the Asian session, at GMT0400, Gold is trading at 1312.20, tad lower from yesterday’s close.
Gold is expected to find support at 1306.47, and a fall through could take it to the next support level of 1300.73. Gold is expected to find its first resistance at 1320.24, and a rise through could take it to the next resistance level of 1328.27.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
