Gold Movement
Gold prices traded higher by 1.43% against the USD in the 24 hour period ending 23:00GMT, at 1411.79 per ounce, as upbeat Chinese manufacturing data released earlier in the week, the world’s second largest importer of gold, continued to bolster the demand outlook of the precious metal. Meanwhile, workers’ strike in the South Africa’s gold mines fuelled concerns on the supply prospects of the commodity. The yellow metal also received some support from US President, Barack Obama’s statement that he is confident that the Congress would approve legislation authorizing US military action in Syria.
In the Asian session, at GMT0300, Gold is trading at 1412.19, marginally higher from yesterday’s close.
Gold is expected to find support at 1392.36, and a fall through could take it to the next support level of 1372.53. Gold is expected to find its first resistance at 1424.26, and a rise through could take it to the next resistance level of 1436.33.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
