Gold Movement
On Friday, Gold prices traded higher by 0.25% against the USD in the period ending 21:00GMT, at 1340.00 per ounce, after the safe haven appeal of the metal continued to rise as conflicts in Ukraine and the Middle East persisted.
Meanwhile, a leading investment bank raised its outlook on gold prices for 2014 to $1,308 per ounce from $1,298, while maintaining its 2015 price projection at $1,375 an ounce.
In the Asian session, at GMT0300, Gold is trading at 1336.30, 0.28% lower from Friday’s close.
Gold is expected to find support at 1333.63, and a fall through could take it to the next support level of 1330.97. Gold is expected to find its first resistance at 1339.93, and a rise through could take it to the next resistance level of 1343.57.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
