Gold Movement
Gold prices traded lower by 1.77% against the USD in the 24 hour period ending 23:00GMT, at 1367.38 per ounce, as the dollar rose following the latest batch of upbeat economic release form the US. The yellow metal also came under pressure, on diminishing demand prospects as investors mulled the possibility of the US striking a limited military attack on Syria.
In the Asian session, at GMT0300, Gold is trading at 1372.88, 0.40% higher from yesterday’s close.
Gold is expected to find support at 1358.57, and a fall through could take it to the next support level of 1344.25. Gold is expected to find its first resistance at 1393.68, and a rise through could take it to the next resistance level of 1414.47.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
