Gold Movement
Gold prices traded higher by 0.87% against the USD in the 24 hour period ending 23:00GMT, at 1309.92 per ounce, as a weakness in the US Dollar and re-opening of Chinese markets, following a public holiday, bolstered the demand-outlook of the commodity. Meanwhile, mounting geopolitical tensions in Ukraine also lured inventors to the safe-haven appeal of the metal.
In the Asian session, at GMT0300, Gold is trading at 1312.28, 0.18% higher from yesterday’s close.
Gold is expected to find support at 1303.25, and a fall through could take it to the next support level of 1294.22. Gold is expected to find its first resistance at 1317.92, and a rise through could take it to the next resistance level of 1323.56.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
