Gold Movement
Gold prices traded lower by 0.19% against the USD in the 24 hour period ending 23:00GMT, at 1386.40 per ounce, as upbeat US jobless claims and retail sales data raised bets that the US Federal Reserve might scale down its quantitative easing sooner than expected.
In the Asian session, at GMT0300, Gold is trading at 1384.27, 0.15% lower from yesterday’s close.
Gold is expected to find support at 1374.01, and a fall through could take it to the next support level of 1363.76. Gold is expected to find its first resistance at 1394.81, and a rise through could take it to the next resistance level of 1405.36.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
