Gold Movement
Gold prices traded higher by 1.43% against the USD in the 24 hour period ending 23:00GMT, at 1307.50 per ounce, as safe haven appeal of the yellow metal rose following reports that the Poland’s foreign minister, Radoslaw Sikorski, cautioned that Russian troops were moving towards near the Ukraine border either to put pressure on the country or to invade it. Meanwhile, gold prices continued to remain supported after the Russian President, Vladimir Putin, said that Russia stands prepared to retaliate against the US and European sanctions imposed on Moscow last week.
In the Asian session, at GMT0300, Gold is trading at 1308.4, 0.07% higher from yesterday’s close.
Gold is expected to find support at 1294.6, and a fall through could take it to the next support level of 1280.8. Gold is expected to find its first resistance at 1316.6, and a rise through could take it to the next resistance level of 1324.8.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
