Gold Movement
Gold prices traded higher by 0.22% against the USD in the 24 hour period ending 23:00GMT, at 1331.15 per ounce, rebounding from its initial losses, arising from a stronger US Dollar.
In the Asian session, at GMT0400, Gold is trading at 1333.22, 0.16% higher from yesterday’s close, amid speculation that the recent weakness in gold prices would spur physical demand.
Gold is expected to find support at 1323.98, and a fall through could take it to the next support level of 1314.75. Gold is expected to find its first resistance at 1339.04, and a rise through could take it to the next resistance level of 1344.87.
The yellow metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
