Gold Movement
Gold prices traded higher by 1.73% against the USD in the 24 hour period ending 23:00GMT, at 1415.55 per ounce, as the greenback weakened as an unexpected increase in the initial jobless claims led to speculation that the Federal Reserve would continue with its bond buying.
In the Asian session, at GMT0300, Gold is trading at 1418.95, 0.24% higher from yesterday’s close.
Gold is expected to find support at 1401.33, and a fall through could take it to the next support level of 1383.72. Gold is expected to find its first resistance at 1429.33, and a rise through could take it to the next resistance level of 1439.72.
The yellow metal is trading higher with its 20 Hr and 50 Hr moving averages.
