Gold Movement
Gold prices traded marginally lower against the USD in the 24 hour period ending 23:00GMT, at 1314.00 per ounce. However losses were capped after the US registered dismal labour market data as the US initial claims for the last week rose to a six-week high.
In the Asian session, at GMT0300, Gold is trading at 1313.3, tad lower from yesterday’s close.
Gold is expected to find support at 1308.27, and a fall through could take it to the next support level of 1303.23. Gold is expected to find its first resistance at 1320.07, and a rise through could take it to the next resistance level of 1326.83.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
