Gold Movement
Gold prices traded higher by 0.53% against the USD in the 24 hour period ending 23:00GMT, at 1373.47 per ounce, as tensions in Ukraine and the latest batch of downbeat Chinese economic data spurred demand for safe-haven assets. However, the gains were capped after data from US showed that retail sales and weekly jobless claims data came in better than market expectations.
In the Asian session, at GMT0400, Gold is trading at 1372.26, 0.09% lower from yesterday’s close.
Gold is expected to find support at 1365.71, and a fall through could take it to the next support level of 1359.17. Gold is expected to find its first resistance at 1377.72, and a rise through could take it to the next resistance level of 1383.19.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
