Gold Movement
Gold prices traded lower by 0.75% against the USD in the 24 hour period ending 23:00GMT, at 1232.61 per ounce, as speculation rose that the US Federal Reserve may begin tapering its quantitative easing program after the conclusion of the 2-day FOMC policy meeting.
In the Asian session, at GMT0400, Gold is trading at 1233.61, 0.08% higher from yesterday’s close.
Gold is expected to find support at 1224.59, and a fall through could take it to the next support level of 1215.58. Gold is expected to find its first resistance at 1245.49, and a rise through could take it to the next resistance level of 1257.38.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
