Gold Movement
Gold prices traded lower by 1.10% against the USD in the 24 hour period ending 23:00GMT, at 1459.15 per ounce, as lackluster US factory and jobs data sparked selloff. Precious metal traders shrugged off the US Federal Reserve’s decision to maintain its loose monetary policy.
In the Asian session, at GMT0300, Gold is trading at 1454.74, 0.30% lower from yesterday’s close.
Gold is expected to find support at 1438.22, and a fall through could take it to the next support level of 1421.69. Gold is expected to find its first resistance at 1473.62, and a rise through could take it to the next resistance level of 1492.49.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
