Gold Movement
Gold prices traded higher by 4.20% against the USD in the 24 hour period ending 23:00GMT, at 1,361.84 per ounce, as the demand outlook of the dollar-denominated commodity received a boost after the US Dollar lost ground against major counterparts, following Fed’s decision to maintain its assets-purchase programme at $85 billion level.
In the Asian session, at GMT0300, Gold is trading at 1,361.96, tad higher from yesterday’s close.
Gold is expected to find support at 1,314.16, and a fall through could take it to the next support level of 1,266.35. Gold is expected to find its first resistance at 1,389.13, and a rise through could take it to the next resistance level of 1,416.29.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
