Gold Movement
Gold prices traded lower by 1.54% against the USD in the 24 hour period ending 23:00GMT, at 1311.37 per ounce, as traders refrained from taking major bets in the precious metal amid fears that a hike in the US Fed interest rate could weigh on the demand-outlook of the safe-haven metal.
In the Asian session, at GMT0400, Gold is trading at 1313.85, 0.19% higher from yesterday’s close, after the US threatened Russia with more sanctions, in order to prevent Russia from invading other parts of Ukraine, thereby fuelling demand for safe-haven assets.
Gold is expected to find support at 1304.87, and a fall through could take it to the next support level of 1295.90. Gold is expected to find its first resistance at 1326.01, and a rise through could take it to the next resistance level of 1338.18.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
