Gold Movement
Gold prices traded lower by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1298.70 per ounce, following a strengthening of the US Dollar. The precious metal also came under pressure from encouraging US economic data which bolstered expectations of a tighter monetary policy from the Federal Reserve. However, earlier during the day, the prices of yellow metal advanced, benefiting from its safe haven appeal after news emerged that the unrest in Gaza escalated. Additionally, further reports that the US and the EU were going to hit Russia with broader, sector-wide sanctions also initially supported prices of the metal.
In the Asian session, at GMT0300, Gold is trading at 1299.40, 0.05% higher from yesterday’s close.
Gold is expected to find support at 1292.57, and a fall through could take it to the next support level of 1285.73. Gold is expected to find its first resistance at 1309.17, and a rise through could take it to the next resistance level of 1318.93.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
