Gold Movement
On Friday, Gold prices sank 3.11% against the USD for the period ending 21:00GMT, at 1325.63 per ounce, after Fed Bank of St. Louis President, James Bullard, highlighted the possibility of the Fed to marginally taper its $85 billion monthly asset purchase programme at its next policy meeting in October.
In the Asian session, at GMT0300, Gold is trading at 1321.73, 0.29% lower from Friday’s close.
Gold is expected to find support at 1301.37, and a fall through could take it to the next support level of 1281.01. Gold is expected to find its first resistance at 1354.41, and a rise through could take it to the next resistance level of 1387.09.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
