Gold Movement
Gold prices traded lower by 0.34% against the USD in the 24 hour period ending 23:00GMT, at 1307.90 per ounce, as tensions between Russia and the West eased to some extent after the pro-Russian rebels in Ukraine cooperated to handover the flight recorder and remains of the victims of Malaysian Airlines flight. Meanwhile, a strong US Dollar also limited gains in the yellow metal.
In the Asian session, at GMT0300, Gold is trading at 1307.5, tad lower from yesterday’s close.
Gold is expected to find support at 1300.13, and a fall through could take it to the next support level of 1292.77. Gold is expected to find its first resistance at 1316.93, and a rise through could take it to the next resistance level of 1326.37.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
