Gold Movement
On Friday Gold prices traded lower by 0.14% against the USD in the period ending 21:00GMT, at 1316.28 per ounce, as risk-appetite among investors increased following rally in the global equities markets, which in turn dimmed the demand prospects of the yellow metal as a safe-haven asset.
However, a decline in the US Dollar and the latest batch of upbeat economic releases from China, world’s second largest importer of Gold, kept the yellow metal’s losses in check.
In the Asian session, at GMT0300, Gold is trading at 1318.44, 0.16% higher from Friday’s close.
Gold is expected to find support at 1310.71, and a fall through could take it to the next support level of 1302.99. Gold is expected to find its first resistance at 1327.28, and a rise through could take it to the next resistance level of 1336.13.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
