Gold Movement
Gold prices traded higher by 1.32% against the USD in the 24 hour period ending 23:00GMT, at 1283.58 per ounce, after the Fed Vice Chairman and a Nominee for the next Fed Chief, Janet Yellen, said that the US economy was performing far below its potential and suggested that the central bank should continue the pace of its stimulus measures to revive growth in the economy.
In the Asian session, at GMT0400, Gold is trading at 1285.79, 0.17% higher from yesterday’s close.
Gold is expected to find support at 1273.79, and a fall through could take it to the next support level of 1261.79. Gold is expected to find its first resistance at 1292.40, and a rise through could take it to the next resistance level of 1299.01.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
