Gold Movement
Gold prices traded higher by 0.94% against the USD in the 24 hour period ending 23:00GMT, at 1273.00 per ounce, as a weakness in the US equity markets and the US Dollar bolstered the demand for gold as an alternate investment. Separately, demand for the safe-haven metal also rose after reports indicated that Sunni Islamist militants seized several cities close to Iraq’s capital Baghdad on Thursday.
In the Asian session, at GMT0300, Gold is trading at 1273.20, marginally higher from yesterday’s close.
Gold is expected to find support at 1263.80, and a fall through could take it to the next support level of 1254.40. Gold is expected to find its first resistance at 1279.20, and a rise through could take it to the next resistance level of 1285.20.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
