Gold Movement
Gold prices traded lower by 2.08% against the USD in the 24 hour period ending 23:00GMT, at 1328.28 per ounce, hurt a stronger US Dollar, which advanced after the US Fed tapered the size of its QE package by $10 billion and signalled the possibility for an interest rate hike in 2015.
In the Asian session, at GMT0400, Gold is trading at 1333.10, 0.36% higher from yesterday’s close.
Gold is expected to find support at 1319.27, and a fall through could take it to the next support level of 1305.44. Gold is expected to find its first resistance at 1353.32, and a rise through could take it to the next resistance level of 1373.54.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
