Gold Movement
Gold prices traded higher by 0.21% against the USD in the 24 hour period ending 23:00GMT, at 1223.94 per ounce. However, the gains in the gold prices were capped, after a leading brokerage house slashed its 2014-forecast on the commodity to $1,200 an ounce from $1,325.
In the Asian session, at GMT0400, Gold is trading at 1221.35, 0.21% lower from yesterday’s close.
Gold is expected to find support at 1215.70, and a fall through could take it to the next support level of 1210.06. Gold is expected to find its first resistance at 1226.68, and a rise through could take it to the next resistance level of 1232.02.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
