Gold Movement
On Friday, gold prices traded higher by 0.32% against the USD in the period ending 21:00GMT, at 1277.10 per ounce, as a batch of lacklustre economic releases from the US and ongoing geopolitical tensions in Iraq bolstered the safe-haven appeal of the metal. On Friday, Head of Iraq’s Shiite Islamic Supreme Council, Ammar al-Hakim, signalled his readiness to fight the insurgents in his nation while Prime Minister, Nouri al-Maliki called on citizens to be prepared to “shoulder the burden” and fight against the Sunni militants.
In the Asian session, at GMT0300, Gold is trading at 1281.90, 0.38% higher from Friday’s close.
Gold is expected to find support at 1274.17, and a fall through could take it to the next support level of 1266.43. Gold is expected to find its first resistance at 1286.37, and a rise through could take it to the next resistance level of 1290.83.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
