Gold Movement
Gold prices traded lower by 1.27% against the USD in the 24 hour period ending 23:00GMT, at 1324.02 per ounce, as a stronger US Dollar and lingering concerns on the Fed’s pace of stimulus measures weighed on the demand outlook of the dollar-denominated commodity. Prices of the yellow metal also came under pressure amid speculation that an import curb in India might dampen the demand prospect of physical gold in the nation during the key festive and the marriage season.
In the Asian session, at GMT0400, Gold is trading at 1325.41, 0.10% higher from yesterday’s close.
Gold is expected to find support at 1316.38, and a fall through could take it to the next support level of 1307.36. Gold is expected to find its first resistance at 1337.27, and a rise through could take it to the next resistance level of 1349.14.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
