Gold Movement
Gold prices traded higher by 1.39% against the USD in the 24 hour period ending 23:00GMT, at 1366.32 per ounce, as tension over Ukraine crisis escalated, following which the yellow metal’s safe haven appeal rose. Meanwhile, assets in the SPDR gold fund fell yesterday from the highest level this year, contracting for the first time since February, 19.
In the Asian session, at GMT0400, Gold is trading at 1372.96, 0.49% higher from yesterday’s close.
Gold is expected to find support at 1359.87, and a fall through could take it to the next support level of 1346.78. Gold is expected to find its first resistance at 1380.37, and a rise through could take it to the next resistance level of 1387.78.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
