Gold Movement
Gold prices traded higher by 1.34% against the USD in the 24 hour period ending 23:00GMT, at 1350.64 per ounce, buoyed by strong demand for safe-haven assets amid ongoing tensions in Ukraine. Meanwhile, upbeat manufacturing PMI data from the US and Euro-zone further bolstered the demand-outlook of the commodity.
In the Asian session, at GMT0400, Gold is trading at 1349.17, 0.11% lower from yesterday’s close.
Gold is expected to find support at 1341.84, and a fall through could take it to the next support level of 1334.52. Gold is expected to find its first resistance at 1355.68, and a rise through could take it to the next resistance level of 1362.20.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
