Gold Movement
Gold prices traded a tad higher against the USD in the 24 hour period ending 23:00GMT, at 1294.20 per ounce, amid rising speculations that the ECB would adopt a full-scale quantitative easing programme at its meeting scheduled later during the day.
Meanwhile, gold holdings in the SPDR Gold Trust contracted for the first time in this week.
In the Asian session, at GMT0400, the pair is trading at 1292.90, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1282.66, and a fall through could take it to the next support level of 1272.43. The pair is expected to find its first resistance at 1305.06, and a rise through could take it to the next resistance level of 1317.23.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
