Gold Movement
Gold prices traded lower by 0.25% against the USD in the 24 hour period ending 23:00GMT, at 1281.29 per ounce amid reports that showed holdings in the SPDR Gold Trust continued its downward trend and fell to 810.98 metric tons yesterday, the least since 7 March. Meanwhile, easing concerns on Ukraine crisis also weighed on the demand-outlook of the safe-haven metal.
In the Asian session, at GMT0300, Gold is trading at 1282.98, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1277.68, and a fall through could take it to the next support level of 1272.38. Gold is expected to find its first resistance at 1288.31, and a rise through could take it to the next resistance level of 1293.64.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
