Gold Movement
Gold prices rose marginally against the USD in the 24 hour period ending 23:00GMT, at 1293.60 per ounce, amid lingering speculation that easing of gold-imports norms by the RBI would spur additional demand for gold in India, the world’s second largest importer of gold. Meanwhile, a lacklustre weekly jobs data from the US economy and mounting geopolitical tensions in Ukraine and Thailand also bolstered the safe-haven appeal of the metal. However, a leading broking firm, in its survey result, reported that gold had the worst prospects among all other commodities over the next 12 months.
In the Asian session, at GMT0300, Gold is trading at 1294.90, 0.10% higher from yesterday’s close.
Gold is expected to find support at 1289.37, and a fall through could take it to the next support level of 1283.83. Gold is expected to find its first resistance at 1302.27, and a rise through could take it to the next resistance level of 1309.63.
The yellow metal is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
