Gold Movement
Gold prices traded lower by 1.08% against the USD in the 24 hour period ending 23:00GMT, at 1305.58 per ounce, as the greenback gained ground against major peers after minutes from the FOMC minutes showed that majority of the policymakers favoured to start tapering the Fed’s stimulus measures by the end of 2013.
Negative sentiment was also fuelled after an official report showed purchase of gold and silver in India amounted to $800 million in September compared with $4.6 billion a year earlier.
In the Asian session, at GMT0300, Gold is trading at 1304.28, 0.10% lower from yesterday’s close.
Gold is expected to find support at 1291.89, and a fall through could take it to the next support level of 1279.51. Gold is expected to find its first resistance at 1319.53, and a rise through could take it to the next resistance level of 1334.79.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
