Gold Movement
Gold prices traded lower by 0.71% against the USD in the 24 hour period ending 23:00GMT, at 1296.10 per ounce, as the latest batch of strong employment and inflation data from the US economy dampened the safe-haven appeal of the yellow metal. However, a broad decline in the US equity markets kept the commodity’s losses in check.
In the Asian session, at GMT0300, Gold is trading at 1296.40, marginally higher from yesterday’s close.
Gold is expected to find support at 1289.20, and a fall through could take it to the next support level of 1282.00. Gold is expected to find its first resistance at 1305.30, and a rise through could take it to the next resistance level of 1314.20.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
