Gold Movement
Gold prices traded lower by 0.95% against the USD in the 24 hour period ending 23:00GMT, at 1380.79 per ounce, as demand for the precious metal decreased after the dollar strengthened.
Yesterday, two leading broking houses lowered their gold price forecasts for 2013, citing lack of investment buying and weak fundamentals.
In the Asian session, at GMT0300, Gold is trading at 1388.99, 0.59% higher from yesterday’s close.
Gold is expected to find support at 1374.32, and a fall through could take it to the next support level of 1359.64. Gold is expected to find its first resistance at 1402.98, and a rise through could take it to the next resistance level of 1416.96.
The yellow metal is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
