Gold Movement
Gold prices edged up marginally against the USD in the 24 hour period ending 23:00GMT, at 1292.20 per ounce, as traders digested the election victory of the pro-West Ukraine President, Petro Poroshenko amid tensions with Russia.
In the Asian session, at GMT0300, Gold is trading at 1292.40, a tad higher from yesterday’s close.
Gold is expected to find support at 1290.93, and a fall through could take it to the next support level of 1289.47. Gold is expected to find its first resistance at 1294.03, and a rise through could take it to the next resistance level of 1295.67.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
