Gold Movement
Gold prices traded higher by 0.10% against the USD in the 24 hour period ending 23:00GMT, at 1315.80 per ounce, as a broad weakness in global equity markets and lingering tensions over Iraq crisis, lured investors towards the safe-haven metal. Yesterday, the US Secretary of State John Kerry met Iraq’s Prime Minister, Nouri al-Maliki and other senior leaders and promised “intense and sustained” US support for the violence-wracked nation. Separately, data showed that holdings in the SPDR Gold Trust rose by 2.4 tonnes to 785.02 tonnes on Monday.
In the Asian session, at GMT0300, Gold is trading at 1317.10, 0.10% higher from yesterday’s close.
Gold is expected to find support at 1311.93, and a fall through could take it to the next support level of 1306.77. Gold is expected to find its first resistance at 1320.73, and a rise through could take it to the next resistance level of 1324.37.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
