Gold Movement
On Friday Gold prices traded lower by 0.70% against the USD in the period ending 21:00GMT, at 1340.28 per ounce, as demand for safe-haven assets declined after a better-than-expected US non-farm payrolls data renewed optimism on the growth-outlook of the US economy. Gold prices also came under pressure after a leading broking house projected a fall in the prices of the metal to $1,000 per ounce for the first time since 2009.
In the Asian session, at GMT0400, Gold is trading at 1334.01, 0.47% lower from Friday’s close.
Gold is expected to find support at 1322.79, and a fall through could take it to the next support level of 1311.57. Gold is expected to find its first resistance at 1349.11, and a rise through could take it to the next resistance level of 1364.21.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
