Gold Movement
Gold prices traded higher by 0.75% against the USD in the 24 hour period ending 23:00GMT, at 1322.27 per ounce, after data indicated a less-than-expected rise in employees claiming jobless benefits last week while the US consumer prices rose in line with market expectations last month.
Meanwhile, a leading broker boosted the forecasts for gold in 2014 and further stated that the market sentiment toward bullion appears to be moving from outright bearish to “neutral/slightly positive”.
In the Asian session, at GMT0400, Gold is trading at 1317.70, 0.35% lower from yesterday’s close amid concerns of future weak demand from China.
Gold is expected to find support at 1308.29, and a fall through could take it to the next support level of 1298.87. Gold is expected to find its first resistance at 1326.24, and a rise through could take it to the next resistance level of 1334.77.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
