Gold Movement
Gold prices traded lower by 1.18% against the USD in the 24 hour period ending 23:00GMT, at 1334.76 per ounce, as tensions over Ukraine crisis eased following withdrawal of Russian military troops from Ukraine borders.
Yesterday, the CEO of the world’s largest gold mining company projected gold prices to breach previous highs and soar toward $2,000 an ounce within two or three years.
In the Asian session, at GMT0400, Gold is trading at 1337.51, 0.21% higher from yesterday’s close.
Gold is expected to find support at 1328.74, and a fall through could take it to the next support level of 1319.97. Gold is expected to find its first resistance at 1348.88, and a rise through could take it to the next resistance level of 1360.25.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
