Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1290.79 per ounce. However, the gains in the yellow metal were capped after the US Dollar strengthened following a hawkish tone from St. Louis Fed President, James Bullard.
In the Asian session, at GMT0400, Gold is trading at 1289.71, 0.08% lower from yesterday’s close.
Gold is expected to find support at 1283.80, and a fall through could take it to the next support level of 1277.89. Gold is expected to find its first resistance at 1295.97, and a rise through could take it to the next resistance level of 1302.23.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
