Gold Movement
Gold prices traded lower by 3.65% against the USD in the 24 hour period ending 23:00GMT, at 1230.10 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1239.23, 0.74% higher from yesterday’s close, as weak gross domestic product (GDP) data from the US eased fears of Federal Reserve tapering its bond buying program this year.
Gold is expected to find support at 1220.86, and a fall through could take it to the next support level of 1202.50. Gold is expected to find its first resistance at 1258.72, and a rise through could take it to the next resistance level of 1278.22.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
