Gold Movement
Gold prices traded lower by 1.28% against the USD in the 24 hour period ending 23:00GMT, at 1284.86 per ounce, after a leading broker cut its 2013 economic growth forecasts for China, world’s largest consumer of gold.
In the Asian session, at GMT0300, Gold is trading at 1285.60, marginally higher from yesterday’s close.
Gold is expected to find support at 1276.49, and a fall through could take it to the next support level of 1267.39. Gold is expected to find its first resistance at 1294.20, and a rise through could take it to the next resistance level of 1302.81.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
