Gold Movement
Gold prices traded tumbled 1.13% against the USD in the 24 hour period ending 23:00GMT, at 1321.19 per ounce, after India, world’s largest gold consumer, hiked import duties on gold for the third time in 2013 to curtail nation’s current account deficit gap.
In the Asian session, at GMT0300, Gold is trading at 1322.40, slightly higher from yesterday’s close.
Gold is expected to find support at 1311.76, and a fall through could take it to the next support level of 1301.11. Gold is expected to find its first resistance at 1337.33, and a rise through could take it to the next resistance level of 1352.25.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
