Gold Movement
Gold prices traded lower by 0.09% against the USD in the 24 hour period ending 23:00GMT, at 1244.04 per ounce, after an upbeat US employment data strengthened the prospect for the Fed to start tapering the size of its asset-purchase programme sooner-than-expected. Data revealed that the US initial jobless claims fell more-than-expected to a level of 323,000 during the week ended November 15, compared to a reading of 344,000 registered in the earlier week.
In the Asian session, at GMT0400, Gold is trading at 1242.71, 0.11% lower from yesterday’s close.
Gold is expected to find support at 1236.17, and a fall through could take it to the next support level of 1229.63. Gold is expected to find its first resistance at 1249.96, and a rise through could take it to the next resistance level of 1257.21.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
