Gold Movement
Gold prices traded higher by 1.13% against the USD in the 24 hour period ending 23:00GMT, at 1257.60 per ounce, amid a broad decline in the US Dollar.
Demand for the precious metal saw a further rise after India, one of the largest importer of gold, slashed its import tariff on gold and silver and after the latest batch of dismal data from the US and China sparked concerns on the growth outlook of the global economy.
In the Asian session, at GMT0400, Gold is trading at 1257.01, marginally lower from yesterday’s close.
Gold is expected to find support at 1243.18, and a fall through could take it to the next support level of 1229.36. Gold is expected to find its first resistance at 1268.62, and a rise through could take it to the next resistance level of 1280.24.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
