Gold Movement
Gold prices traded lower by 2.04% against the USD in the 24 hour period ending 23:00GMT, at 1315.77 per ounce, as greenback strengthened after upbeat US housing and manufacturing data reminded investors that the nation was still closer to tempering its monetary stimulus. Earlier, in European session, gold prices fell after robust manufacturing and services PMI data in France, Germany and the Euro-zone dented its safe-haven appeal.
In the Asian session, at GMT0300, Gold is trading at 1321.11, 0.41% higher from yesterday’s close.
Gold is expected to find support at 1307.74, and a fall through could take it to the next support level of 1294.37. Gold is expected to find its first resistance at 1340.09, and a rise through could take it to the next resistance level of 1359.07.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
