Gold Movement
Gold prices traded higher by 0.62% against the USD in the 24 hour period ending 23:00GMT, at 1336.60 per ounce, as the safe haven appeal of the yellow metal was in demand from investors following the failure of Portugal’s top listed bank to make its debt payments, which raised fears on the condition of the Euro-zone financial sector. Gold prices also benefitted from India’s decision to not opt for a cut in its record high duties on gold which may force jewellers on the side-lines to return to the market for stocking the precious metal.
In the Asian session, at GMT0300, Gold is trading at 1338.50, 0.14% higher from yesterday’s close.
Gold is expected to find support at 1328.80, and a fall through could take it to the next support level of 1319.10. Gold is expected to find its first resistance at 1347.50, and a rise through could take it to the next resistance level of 1356.50.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
