Gold Movement
Gold prices traded higher by 0.07% against the USD in the 24 hour period ending 23:00GMT, at 1290.80 per ounce, as traders digested Fed Chief, Janet Yellen’s comments that the US central bank was in no rush to decide on the appropriate size of its balance sheet as it could take nearly 5-8 years for the Fed to bring back its balance sheet to the pre-crisis level. Gold prices also advanced after Pro-Russian activists in eastern Ukraine defied Russian President, Vladimir Putin’s call and decided to press ahead with a referendum on Sunday. However, gains in the yellow metal were capped after the US Dollar advanced and weighed on the demand-outlook of the dollar-denominated-commodity.
In the Asian session, at GMT0300, Gold is trading at 1290.00, 0.06% lower from yesterday’s close.
Gold is expected to find support at 1284.70, and a fall through could take it to the next support level of 1279.40. Gold is expected to find its first resistance at 1295.40, and a rise through could take it to the next resistance level of 1300.80.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
