Gold Movement
Gold prices traded marginally higher against the USD in the 24 hour period ending 23:00GMT, at 1318.70 per ounce, as the latest batch of dismal economic data from the US economy and a broad weakness in the US Dollar, pushed investors to take refuge under the safe-haven metal. However, soft demand for physical gold and profit-booking, kept the commodity’s gains in check.
In the Asian session, at GMT0300, Gold is trading at 1317.10, 0.12% lower from yesterday’s close.
Gold is expected to find support at 1306.47, and a fall through could take it to the next support level of 1295.83. Gold is expected to find its first resistance at 1326.67, and a rise through could take it to the next resistance level of 1336.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
