Gold Movement
Gold prices traded lower by 1.54% against the USD in the 24 hour period ending 23:00GMT, at 1366.01 per ounce, as demand for the metal faded amid hopes that a US military strike against Syria could be averted sapped its safe-haven appeal.
In the Asian session, at GMT0300, Gold is trading at 1366.55, marginally higher from yesterday’s close. Earlier today, the US President, Barack Obama, hinted that his nation would work together in consultation with Russia and China at the UN Security Council to get rid of Syrian chemical weapons. However, the President also voiced support for a military strike.
Gold is expected to find support at 1353.53, and a fall through could take it to the next support level of 1340.52. Gold is expected to find its first resistance at 1382.38, and a rise through could take it to the next resistance level of 1398.22.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
