Gold Movement
Gold prices traded higher by 0.83% against the USD in the 24 hour period ending 23:00GMT, at 1326.80 per ounce, amid a broad decline in the US Dollar. Separately, a report from Bloomberg showed that holdings in the SPDR Gold Trust increased to 790.7 metric tonnes on Monday, the highest level since 29 April 2014.
In the Asian session, at GMT0300, Gold is trading at 1328.80, 0.15% higher from yesterday’s close.
Gold is expected to find support at 1314.90, and a fall through could take it to the next support level of 1301.00. Gold is expected to find its first resistance at 1338.80, and a rise through could take it to the next resistance level of 1348.80.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
