Gold Movement
Gold prices traded higher by 1.31% against the USD in the 24 hour period ending 23:00GMT, at 1613.74 per ounce, as the safe haven metal’s appeal increased after the Federal Reserve Chairman, Ben Bernanke downplayed the possibility of inflationary and other side effects arising from the US central bank’s loose monetary policies.
However, gold prices had earlier come under pressure after Goldman Sachs lowered its 2013 gold price forecast to $1,600 an ounce from $1,810 an ounce.
In the Asian session, at GMT0400, Gold is trading at 1611.64, 0.13% lower from yesterday’s close.
Gold is expected to find support at 1590.64, and a fall through could take it to the next support level of 1569.63. Gold is expected to find its first resistance at 1626.51, and a rise through could take it to the next resistance level of 1641.37.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
