Gold Movement
Gold prices traded lower by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1298.80 per ounce, after upbeat US housing data and worries of conflict/violence near the Ukraine-Russia border diminished.
In the Asian session, at GMT0300, Gold is trading at 1300.2, 0.11% higher from yesterday’s close.
Gold is expected to find support at 1296.17, and a fall through could take it to the next support level of 1292.13. Gold is expected to find its first resistance at 1304.57, and a rise through could take it to the next resistance level of 1308.93.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
