Gold Movement
Gold prices traded lower by 0.46% against the USD in the 24 hour period ending 23:00GMT, at 1282.34 per ounce, extending losses from Friday, amid speculations that the Fed would begin tapering its stimulus after better-than-expected US jobs and growth data.
In the Asian session, at GMT0400, Gold is trading at 1279.46, 0.22% lower from yesterday’s close.
Gold is expected to find support at 1274.60, and a fall through could take it to the next support level of 1269.73. Gold is expected to find its first resistance at 1286.30, and a rise through could take it to the next resistance level of 1293.13.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
