Gold Movement
Gold prices traded higher by 1.55% against the USD in the 24 hour period ending 23:00GMT, at 1242.90 per ounce.
However, the release of upbeat ADP report on private sector job creation, as well as data on new home sales and improved trade deficit, reduced the yellow metal’s safe haven attraction, amid a stronger greenback on mounting speculations regarding likely reduction in the Federal Reserve’s monetary stimulus at the December 17-18 Fed meeting.
In the Asian session, at GMT0400, Gold is trading at 1237.92, 0.40% lower from yesterday’s close.
Gold is expected to find support at 1215.85, and a fall through could take it to the next support level of 1193.77. Gold is expected to find its first resistance at 1255.89, and a rise through could take it to the next resistance level of 1273.85.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
