Gold Movement
Gold prices traded higher by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1261.10 per ounce, as risk-appetite among traders reduced following a decline in the global equity markets and after the World Bank slashed its global growth forecast to 2.8% for 2014, from its earlier projection of 3.2%.
In other gold related news, the Indian Trade Secretary highlighted the need for India, the world’s second largest consumer of gold, to “rationalise” its duty on gold imports.
In the Asian session, at GMT0300, Gold is trading at 1261.00, a tad lower from yesterday’s close.
Gold is expected to find support at 1257.90, and a fall through could take it to the next support level of 1254.80. Gold is expected to find its first resistance at 1264.80, and a rise through could take it to the next resistance level of 1268.60.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
