Gold Movement
Gold prices traded higher by 1.43% against the USD in the 24 hour period ending 23:00GMT, at 1334.63 per ounce, as the greenback drifted lower on rising speculation the Federal Reserve would reassure investors that policy will remain accommodative at next week’s meeting, after a report showed more Americans filed for unemployment benefits.
In the Asian session, at GMT0300, Gold is trading at 1339.06, 0.33% higher from yesterday’s close.
Gold is expected to find support at 1318.35, and a fall through could take it to the next support level of 1297.65. Gold is expected to find its first resistance at 1350.48, and a rise through could take it to the next resistance level of 1361.91.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
