Gold Movement
Gold prices traded lower by 0.72% against the USD in the 24 hour period ending 23:00GMT, at 1385.10 per ounce, as the greenback strengthened after the President of Federal Reserve Bank of San Francisco, John Williams stated that the central bank would begin cutting bond-buying program during this year.
In the Asian session, at GMT0300, Gold is trading at 1381.16, 0.28% lower from yesterday’s close.
Gold is expected to find support at 1367.84, and a fall through could take it to the next support level of 1354.52. Gold is expected to find its first resistance at 1396.49, and a rise through could take it to the next resistance level of 1411.82.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
