Gold Movement
Gold prices traded higher by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1690.35 per ounce, despite the news that India would increase import taxes on bullion to reduce its trade deficit.
Yesterday, India, the world’s largest gold buyer, raised its import tariff on gold and platinum to 6% from 4%.
Elsewhere, a leading broking house lowered its 2013 price forecast for gold by 4.2% to USD1675 per ounce. The bank also pared its 2014 forecast by 0.2% to USD1653.
In the Asian session, at GMT0400, Gold is trading at 1692.40, 0.12% higher from yesterday’s close.
Gold is expected to find support at 1687.91, and a fall through could take it to the next support level of 1683.43. Gold is expected to find its first resistance at 1695.09, and a rise through could take it to the next resistance level of 1697.79.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
