Gold Movement
Gold prices traded slightly higher against the USD in the 24 hour period ending 23:00GMT, at 1283.90 per ounce, as physical demand from Asian countries provided support to gold prices, shrugging off news that another Fed President hinted at central bank’s plan to trim its bond buying programme.
Cleveland Fed President, Sandra Pianalto yesterday indicated that the US central bank could begin reducing the pace of its bond-buying stimulus if recent improvement in the US job market persists.
In the Asian session, at GMT0300, Gold is trading at 1293.42, 0.74% higher from yesterday’s close.
Gold is expected to find support at 1279.10, and a fall through could take it to the next support level of 1264.77. Gold is expected to find its first resistance at 1301.67, and a rise through could take it to the next resistance level of 1309.91.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
