Gold Movement
Gold prices traded higher by 2.58% against the USD in the 24 hour period ending 23:00GMT, at 1,862.85 per ounce, as investors avoided holding risky assets like stocks and commodities ahead of speeches by Fed Chairman, Ben Bernanke and US President, Barack Obama.
Gold prices came under pressure, as investors attention turned to US President, Barack Obama’s speech, after the much-awaited speech by Federal Reserve Chairman, Ben Bernanke failed to deliver firm promises of further monetary easing.
Bernanke, in his speech after the market closed, stated that the Fed has tools to provide further support for the economy, but declined to indicate if the tools would be employed soon.
In the Asian session at 3:00GMT, gold is trading at USD 1,862.39 per ounce, flat from 23:00GMT.
The pair is expected to find its first short term resistance at 1,880.03, with the next resistance at 1,897.67. The pair is expected to find support at 1,835.47 and subsequently at 1,808.55.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
