Gold Movement
Gold prices traded lower by 1.02% against the USD in the 24 hour period ending 23:00GMT, at 1293.19 per ounce, as the US Dollar advanced following the latest batch of strong economic releases from the US. Separately, one of the leading broking houses trimmed its 2014 average price forecast for spot gold by 8% to $1,225 an ounce, adding that the the recent gains in the yellow metal were mostly based on US economic growth concerns and safe-haven buying which was overdone.
In the Asian session, at GMT0400, Gold is trading at 1294.06, 0.07% higher from yesterday’s close.
Gold is expected to find support at 1287.23, and a fall through could take it to the next support level of 1280.41. Gold is expected to find its first resistance at 1302.86, and a rise through could take it to the next resistance level of 1311.67.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
