Gold Movement
Gold prices traded lower by 0.44% against the USD in the 24 hour period ending 23:00GMT, at 1272.70 per ounce, amid profit taking. Adding to the negative sentiment, Indian Government decided to hike import tariff on gold and silver imports to the world’s second largest importer of gold. However, earlier, gold prices found some support after the US agreed to support the Iraqi Government by launching air strikes on Sunni Islamist insurgents in Iraq and as pro-Russian separatists in Ukraine shot down a Ukrainian army transport plane, killing 49 military personnel on board.
In the Asian session, at GMT0300, Gold is trading at 1271.50, 0.09% lower from yesterday’s close.
Gold is expected to find support at 1266.30, and a fall through could take it to the next support level of 1261.10. Gold is expected to find its first resistance at 1280.90, and a rise through could take it to the next resistance level of 1290.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
