Gold Movement
Gold prices traded higher by 0.85% against the USD in the 24 hour period ending 23:00GMT, at 1305.40 per ounce, as a decline in the US equity markets and a broad weakness in the US Dollar bolstered the safe-haven appeal of the commodity. Additionally, lingering concerns on Ukraine crisis also supported the demand for the safe-haven metal.
In the Asian session, at GMT0300, Gold is trading at 1304.70, marginally lower from yesterday’s close.
Gold is expected to find support at 1295.47, and a fall through could take it to the next support level of 1286.23. Gold is expected to find its first resistance at 1311.57, and a rise through could take it to the next resistance level of 1318.43.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
