Gold Movement
Gold prices traded lower by 0.53% against the USD in the 24 hour period ending 23:00GMT, at 1322.94 per ounce, affected by a World Gold Council report which indicated a 15% drop in global gold demand in 2013.
In the Asian session, at GMT0400, Gold is trading at 1317.36, 0.42% lower from yesterday’s close amid concerns that minutes from the Fed’s latest meeting may reveal further support for stimulus cuts.
Gold is expected to find support at 1311.53, and a fall through could take it to the next support level of 1305.71. Gold is expected to find its first resistance at 1324.25, and a rise through could take it to the next resistance level of 1331.15.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
