Gold Movement
Gold prices traded lower by 1.41% against the USD in the 24 hour period ending 23:00GMT, at 1289.90 per ounce, as the US Fed Chief, Janet Yellen’s optimistic comments on the US economy and Russian President, Vladimir Putin’s willingness to discuss a way out of the Ukraine crisis weighed on the safe-haven appeal of the metal. However, gold prices found some support after the China Gold Association reported a 0.8% or 2.45 metric tonnes rise in China’s total gold consumption during the first quarter of 2014.
In the Asian session, at GMT0300, Gold is trading at 1290.40, slightly higher from yesterday’s close.
Gold is expected to find support at 1279.67, and a fall through could take it to the next support level of 1268.93. Gold is expected to find its first resistance at 1308.07, and a rise through could take it to the next resistance level of 1325.73.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
