Gold Movement
Gold prices traded lower by 1.03% against the USD in the 24 hour period ending 23:00GMT, at 1242.35 per ounce, amid a stronger US Dollar. The safe-haven appeal of the yellow metal saw a further downturn after the International Monetary Fund (IMF) projected global economic growth to accelerate in 2014.
In the Asian session, at GMT0400, Gold is trading at 1243.51, 0.09% higher from yesterday’s close.
Gold is expected to find support at 1234.70, and a fall through could take it to the next support level of 1225.90. Gold is expected to find its first resistance at 1253.44, and a rise through could take it to the next resistance level of 1263.38.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
