Gold Movement
Gold prices traded higher by 0.53% against the USD in the 24 hour period ending 23:00GMT, at 1347.70 per ounce, as lingering concerns over China’s economic growth and continued tensions in Ukraine spurred demand for safe-haven assets. Positive sentiment was also fuelled after media reports showed that holdings in the SPDR Gold Trust remained unchanged at 812.70 tonnes yesterday, the highest level since 20 December.
In the Asian session, at GMT0400, Gold is trading at 1357.42, 0.72% higher from yesterday’s close.
Gold is expected to find support at 1343.54, and a fall through could take it to the next support level of 1329.66. Gold is expected to find its first resistance at 1365.56, and a rise through could take it to the next resistance level of 1373.70.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
