Gold Movement
Gold prices traded lower by 0.49% against the USD in the 24 hour period ending 23:00GMT, at 1249.36 per ounce, after both the European Central Bank and the Bank of England in their monetary policy meetings yesterday signalled to extend their monetary stimulus programmes.
In the Asian session, at GMT0300, Gold is trading at 1244.97, 0.35% lower from yesterday’s close.
Gold is expected to find support at 1239.30, and a fall through could take it to the next support level of 1233.62. Gold is expected to find its first resistance at 1253.85, and a rise through could take it to the next resistance level of 1262.72.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
