Gold Movement
Gold prices traded higher by 0.54% against the USD in the 24 hour period ending 23:00GMT, at 1318.32 per ounce, as former losses in US equity markets lured investors to the safe-haven appeal of the metal. However, the gains were capped after reports showed that gold prices slipped back to a discount of about $2.0 an ounce in China, reflecting weak physical demand in the nation.
In the Asian session, at GMT0300, Gold is trading at 1319.28, 0.07% higher from yesterday’s close.
Gold is expected to find support at 1314.60, and a fall through could take it to the next support level of 1309.91. Gold is expected to find its first resistance at 1324.30, and a rise through could take it to the next resistance level of 1329.31.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
