Gold Movement
Gold prices traded higher by 2.18% against the USD in the 24 hour period ending 23:00GMT, at 1264.10 per ounce, amid a broad weakness in the US Dollar led by lacklustre economic domestic data. Positive sentiment for the yellow metal was also fuelled after media reports highlighted the possibility for the Indian government to relax duty on gold imports to India, one of the world’s largest importers of gold.
In the Asian session, at GMT0400, Gold is trading at 1259.79, 0.34% lower from yesterday’s close.
Gold is expected to find support at 1239.90, and a fall through could take it to the next support level of 1220.02. Gold is expected to find its first resistance at 1273.09, and a rise through could take it to the next resistance level of 1286.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
