Gold Movement
Gold prices traded lower by 0.38% against the USD in the 24 hour period ending 23:00GMT, at 1230.90 per ounce, reversing its previous session losses. However, gold prices continued to be close to four-week highs and above its key support level of $1200 an ounce, amid growing concerns over the global economy. Meanwhile, other report that gold imports in India jumped sharply to $3.75 billion in September ahead of the wedding and festival season, supported prices of gold.
In the Asian session, at GMT0300, the pair is trading at 1226.70, with the gold trading 0.34% lower from yesterday’s close.
The pair is expected to find support at 1220.53, and a fall through could take it to the next support level of 1214.36. The pair is expected to find its first resistance at 1235.73, and a rise through could take it to the next resistance level of 1244.76.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
