Gold Movement
Gold prices traded lower by 0.91% against the USD in the 24 hour period ending 23:00GMT, at 1404.60 per ounce, as the precious metal lost its safe haven appeal, after concerns over military attack by the US on Syria eased.
Meanwhile, gold prices in India, the world’s largest gold consumer, dropped sharply after the Indian rupee rebounded.
In the Asian session, at GMT0300, Gold is trading at 1409.10, 0.32% higher from yesterday’s close.
Gold is expected to find support at 1402.25, and a fall through could take it to the next support level of 1395.40. Gold is expected to find its first resistance at 1416.35, and a rise through could take it to the next resistance level of 1423.60.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
