Gold Movement
Gold prices traded lower by 0.31% against the USD in the 24 hour period ending 23:00GMT, at 1655.50 per ounce, as upbeat durable goods order data in the US fuelled optimism about a stable recovery, driving investors away from safe-haven assets such as gold.
Investors remained cautious to see if US Federal Reserve officials will make any pronouncements about monetary policy following their two-day meeting that will kick off later in the day. Most market participant speculated that the central bank would not curtail its bond-buying programme any time soon, but any hint that the Fed is considering it would further depress gold prices.
In the Asian session, at GMT0400, Gold is trading at 1659.3, 0.23% higher from yesterday’s close.
Gold is expected to find support at 1653.45, and a fall through could take it to the next support level of 1647.59. Gold is expected to find its first resistance at 1663.80, and a rise through could take it to the next resistance level of 1668.29.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
