Gold Movement
Gold prices traded lower by 0.15% against the USD in the 24 hour period ending 23:00GMT, at 1314.40 per ounce, as a stronger US Dollar weighed on the demand prospect of the dollar-denominated commodity. However, the losses were kept in check after Chicago Fed President, Charles Evans, indicated that the Fed might takes months to start tapering its asset purchase programme, due to a lack of clarity on the economic condition of the nation as a result of the government shutdown.
In the Asian session, at GMT0300, Gold is trading at 1315.23, 0.06% higher from yesterday’s close, as physical demand for the precious metal rose in India for the festive season and amid a firm global trend.
Gold is expected to find support at 1311.12, and a fall through could take it to the next support level of 1307.02. Gold is expected to find its first resistance at 1321.78, and a rise through could take it to the next resistance level of 1328.34.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
