Gold Movement
Gold prices traded higher by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1295.00 per ounce, as a decline in the US equity markets bolstered demand for the metal as an alternate investment. Positive sentiment was also fuelled after the World Gold Council reported that gold witnessed a “robust” demand globally in the first quarter of 2014 at 1,074.5 metric tonnes. However, the SPDR Gold Trust suffered a loss in its holding, yesterday, to 780.19 metric tonnes, the lowest level since December 2008.
In the Asian session, at GMT0300, Gold is trading at 1296.00, 0.08% higher from yesterday’s close.
Gold is expected to find support at 1288.93, and a fall through could take it to the next support level of 1281.87. Gold is expected to find its first resistance at 1300.13, and a rise through could take it to the next resistance level of 1304.27.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
