Gold Movement
Gold prices traded higher by 1.17% against the USD in the 24 hour period ending 23:00GMT, at 1417.53 per ounce, as investors flocked to the safety of precious metals, amid political tensions in Syria. Also, the US debt ceiling concerns undermined demand for the US Dollar.
Moreover, data from the International Monetary Fund released yesterday showed that central banks continued to add to their gold reserves.
In the Asian session, at GMT0300, Gold is trading at 1417.02, tad lower from yesterday’s close.
Gold is expected to find support at 1401.26, and a fall through could take it to the next support level of 1385.51. Gold is expected to find its first resistance at 1428.36, and a rise through could take it to the next resistance level of 1439.71.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
