Gold Movement
Gold prices traded lower by 1.05% against the USD in the 24 hour period ending 23:00GMT, at 1456.79 per ounce, on concern that physical purchases may be slowing and as US jobless claims fell to pre-recession levels, adding to concern that safe haven demand for yellow metal will ebb as recovery takes hold.
In the Asian session, at GMT0300, Gold is trading at 1461.06, 0.29% higher from yesterday’s close.
Gold is expected to find support at 1450.32, and a fall through could take it to the next support level of 1439.58. Gold is expected to find its first resistance at 1474.30, and a rise through could take it to the next resistance level of 1487.54.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
