Gold Movement
On Friday Gold prices traded lower by 1.95% against the USD in the period ending 21:00GMT, at 1387.92 per ounce, as the greenback strengthened.
On Friday, the World Gold Council indicated that the demand for precious metal in India, the world’s biggest consumer, would gain momentum in the second half of 2013.
In the Asian session, at GMT0300, Gold is trading at 1394.40, 0.47% higher from Friday’s close. Economic data released over the weekend showed that official PMI in China rose more than expected to a reading of 50.8 in May from 50.6 in April, raising optimism that the world’s second biggest consumer of gold may be stabilizing.
Gold is expected to find support at 1379.22, and a fall through could take it to the next support level of 1364.05. Gold is expected to find its first resistance at 1415.42, and a rise through could take it to the next resistance level of 1436.45.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
