Gold Movement
On Friday, Gold prices traded slightly higher against the USD in the period ending 21:00GMT, at 1318.42 per ounce. Data from India, world’s second largest importer of gold, showed that gold and silver imports to the nations dropped 40% to $33.46 billion in 2013-14. However, the latest batch of upbeat US economic data and a stronger US Dollar kept the commodity’s gains in check.
In the Asian session, at GMT0300, Gold is trading at 1326.73, 0.63% higher from Friday’s close, as mounting geopolitical tensions in Ukraine lured investors to the safe-haven appeal of the metal.
Gold is expected to find support at 1314.95, and a fall through could take it to the next support level of 1303.17. Gold is expected to find its first resistance at 1333.86, and a rise through could take it to the next resistance level of 1340.99.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
