Gold Movement
Gold prices traded higher by 0.12% against the USD in the 24 hour period ending 23:00GMT, at 1312.30 per ounce after the US strengthened its allegations about Russia’s involvement in the downing of a Malaysian airliner on the Russia-Ukraine border. Gold prices were also boosted after European leaders threatened that it would start freezing assets of companies and business people from Russia. Additionally, the ongoing conflict in Gaza also buoyed prices of gold.
In the Asian session, at GMT0300, Gold is trading at 1313, 0.05% higher from yesterday’s close.
Gold is expected to find support at 1309.47, and a fall through could take it to the next support level of 1305.93. Gold is expected to find its first resistance at 1317.77, and a rise through could take it to the next resistance level of 1322.53.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
