Gold Movement
Gold prices rose 2.34% against the USD in the 24 hour period ending 23:00GMT, at 1313.99 per ounce, as the greenback weakened against basket of currencies. Also, strong Chinese imports data added support to precious metals.
In the Asian session, at GMT0300, Gold is trading at 1313.80, slightly lower from yesterday’s close.
Gold is expected to find support at 1295.46, and a fall through could take it to the next support level of 1277.12. Gold is expected to find its first resistance at 1324.62, and a rise through could take it to the next resistance level of 1335.44.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
