Gold Movement
Gold prices traded lower by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1377.34 per ounce. However, losses were limited as the Bank of Japan (BoJ) offered no additional stimulus at its policy meeting and amid uncertainty whether the Federal Reserve would scale back its stimulus tools or not.
In the Asian session, at GMT0300, Gold is trading at 1376.98, marginally lower from yesterday’s close.
Gold is expected to find support at 1366.45, and a fall through could take it to the next support level of 1355.91. Gold is expected to find its first resistance at 1387.26, and a rise through could take it to the next resistance level of 1397.53.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
