Gold Movement
Gold prices traded lower by 0.27% against the USD in the 24 hour period ending 23:00GMT, at 1295.20 per ounce, after the safe haven appeal of the yellow metal diminished following the Federal Reserve’s upbeat assessment of the US economy in its monthly monetary policy statement just hours after the official data reported a stronger-than-expected US economic growth.
In the Asian session, at GMT0300, Gold is trading at 1294.10, 0.08% lower from yesterday’s close.
Gold is expected to find support at 1289.07, and a fall through could take it to the next support level of 1284.03. Gold is expected to find its first resistance at 1301.07, and a rise through could take it to the next resistance level of 1308.03.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
