Gold Movement
Gold prices traded lower by 0.73% against the USD in the 24 hour period ending 23:00GMT, at 1359.53 per ounce, as the greenback strengthened, after the Fed minutes showed that policymakers broadly supported the Fed Chairman Ben Bernanke’s view to start tapering asset purchases by end of this year.
Separately, the World Gold Council yesterday reported that demand for gold jewellery was up 37% in the second quarter of 2013 to 575 tonnes, compared to 421 tonnes in the second quarter of 2012.
In the Asian session, at GMT0300, Gold is trading at 1363.67, 0.30% higher from yesterday’s close.
Gold is expected to find support at 1352.89, and a fall through could take it to the next support level of 1342.10. Gold is expected to find its first resistance at 1376.87, and a rise through could take it to the next resistance level of 1390.06.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
