Gold Movement
Gold prices traded higher by 0.75% against the USD in the 24 hour period ending 23:00GMT, at 1290.98 per ounce, as traders took advantage of the recent retreat in the precious metal and increased their exposure to it amid speculation that physical demand would strengthen.
In the Asian session, at GMT0300, Gold is trading at 1291.49, slightly higher from yesterday’s close.
Gold is expected to find support at 1282.67, and a fall through could take it to the next support level of 1273.86. Gold is expected to find its first resistance at 1298.20, and a rise through could take it to the next resistance level of 1304.92.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
