Gold Movement
Gold prices traded lower by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1306.48 per ounce, hurt by a stronger US Dollar.
Late yesterday, one of the leading broking houses raised its 2014 price forecast on the metal to $1,250 per ounce from its earlier estimate of $1,205 per ounce.
In the Asian session, at GMT0400, Gold is trading at 1303.06, 0.26% lower from yesterday’s close.
Gold is expected to find support at 1295.66, and a fall through could take it to the next support level of 1288.27. Gold is expected to find its first resistance at 1313.47, and a rise through could take it to the next resistance level of 1323.89.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
