Gold Movement
Gold prices traded higher by 0.70% against the USD in the 24 hour period ending 23:00GMT, at 1310.50 per ounce, as escalating violence in Ukraine along with soft economic data from China and the US lured investors towards the safe-haven metal. Reports from Ukraine showed that battle between supporters and opponents of Russia in Ukraine killed nearly 42 people over the weekend.
However, despite strong preference for the precious metal, the SPDR Gold Trust continued to witness weakness in investment. The world’s largest gold ETF reported that it suffered an outflow of nearly 10 tonnes last week.
In the Asian session, at GMT0300, Gold is trading at 1309.40, 0.08% lower from yesterday’s close.
Gold is expected to find support at 1304.47, and a fall through could take it to the next support level of 1299.53. Gold is expected to find its first resistance at 1315.07, and a rise through could take it to the next resistance level of 1320.73.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
