Gold Movement
Gold prices traded lower by 0.99% against the USD in the 24 hour period ending 23:00GMT, at 1399.75 per ounce, as the greenback strengthened.
The precious metal also came under pressure after India, the world’s largest gold consumer, widened the scope of an import ban on the metal. The Reserve Bank of India (RBI) extended an import ban on banks, nominated agencies, premier and star trading houses.
In the Asian session, at GMT0300, Gold is trading at 1407.40, 0.55% higher from yesterday’s close.
Gold is expected to find support at 1393.02, and a fall through could take it to the next support level of 1378.65. Gold is expected to find its first resistance at 1417.61, and a rise through could take it to the next resistance level of 1427.83.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
