Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1327.40 per ounce, as Fed Chief, Janet Yellen’s dovish comments on the US interest-rate-outlook caused a decline in the US Dollar, which bolstered the demand outlook of the dollar-denominated commodity.
In the Asian session, at GMT0300, Gold is trading at 1324.50, 0.22% lower from yesterday’s close.
Gold is expected to find support at 1320.00, and a fall through could take it to the next support level of 1315.50. Gold is expected to find its first resistance at 1331.10, and a rise through could take it to the next resistance level of 1337.70.
The yellow metal is just below its 20 Hr and 50 Hr moving averages.
