Gold Movement
Gold prices traded higher by 0.76% against the USD in the 24 hour period ending 23:00GMT, at 1253.40 per ounce, as the ECB slashed its deposit rate to a negative 0.10% and unveiled new stimulus measures to encourage lending in the economy. However, a leading broking house expressed a pessimistic outlook of gold prices by projecting gold prices to fall below $1,200 an ounce in 2015 and to average to just $825 between 2017 and 2019.
In the Asian session, at GMT0300, Gold is trading at 1253.90, marginally higher from yesterday’s close, ahead of US employment data.
Gold is expected to find support at 1244.10, and a fall through could take it to the next support level of 1234.30. Gold is expected to find its first resistance at 1260.80, and a rise through could take it to the next resistance level of 1267.70.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
