Gold Movement
Gold prices traded higher by 0.16% against the USD in the 24 hour period ending 23:00GMT, at 1228.03 per ounce, as investors shrugged off an official data indicating that the number of people who filed for unemployment benefits in the US last week fell to a month-low and preferred to await the very important US nonfarm payrolls report, to get proper insights on the nation’s economic recovery.
Meanwhile, the US Dollar came under pressure for a brief period of time initially after the Kansas City Fed President, Esther George voiced his fears on the overall effect of low interest rates on the US economy and hinted that the prospects for the central bank to keep its main interest rate too low for too long, may come true.
In the Asian session, at GMT0400, Gold is trading at 1233.22, 0.42% higher from yesterday’s close.
Gold is expected to find support at 1226.03, and a fall through could take it to the next support level of 1218.83. Gold is expected to find its first resistance at 1238.11, and a rise through could take it to the next resistance level of 1242.99.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
