Gold Movement
On Friday Gold prices traded lower by 0.09% against the USD in the period ending 21:00GMT, at 1289.60 per ounce, amid broad gains in the US Dollar. Gold prices also came under pressure after the Dallas Fed President, Richard Fisher reiterated his support for the US central bank to end its stimulus measures by October 2014. However, lingering tensions over Ukraine crisis, kept the commodity’s losses in check.
In the Asian session, at GMT0300, Gold is trading at 1287.20, 0.19% lower from Friday’s close.
Gold is expected to find support at 1278.43, and a fall through could take it to the next support level of 1269.67. Gold is expected to find its first resistance at 1295.23, and a rise through could take it to the next resistance level of 1303.27.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
