Gold Movement
Gold prices traded tad lower against the USD in the 24 hour period ending 23:00GMT, at 1330.66 per ounce. However, earlier during the day, the yellow metal traded higher as demand for safe-haven assets rose after the Fed Chief, Janet Yellen pointed towards the recent softness in the US economic data and after geopolitical tensions escalated in Ukraine.
In the Asian session, at GMT0400, Gold is trading at 1331.03, slightly higher from yesterday’s close.
Gold is expected to find support at 1324.56, and a fall through could take it to the next support level of 1318.09. Gold is expected to find its first resistance at 1336.90, and a rise through could take it to the next resistance level of 1342.77.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
