Gold prices traded lower by 0.42% against the USD in the 24 hour period ending 23:00GMT, at 1237.12 per ounce, hurt by a stronger US Dollar. Separately, one of the leading broking houses slashed its price forecast on gold by 11.6% to $1,160 an ounce for 2014 and by 12.5% to $1,138 an ounce for 2015.
In the Asian session, at GMT0400, Gold is trading at 1234.73, 0.19% lower from yesterday’s close, following a dismal manufacturing PMI data from China, the world’s largest consumer of gold.
Gold is expected to find support at 1229.76, and a fall through could take it to the next support level of 1224.78. Gold is expected to find its first resistance at 1241.80, and a rise through could take it to the next resistance level of 1248.86.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
