Gold Movement
Gold prices traded lower by 0.61% against the USD in the 24 hour period ending 23:00GMT, at 1296.50 per ounce, as strong US pending home sales and Dallas Fed manufacturing data bolstered the recovery prospect of the US economy and dimmed the demand outlook of safe-haven assets. Negative sentiment was also fuelled after data showed that net inflows of physical gold to China from Hong Kong fell to 85.128 tonnes in March from 112.314 tonnes in February.
In the Asian session, at GMT0300, Gold is trading at 1294.60, 0.15% lower from yesterday’s close, ahead of the US Fed two-day policy meeting, expected to commence later today.
Gold is expected to find support at 1289.23, and a fall through could take it to the next support level of 1283.87. Gold is expected to find its first resistance at 1302.83, and a rise through could take it to the next resistance level of 1311.07.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
