Gold Movement
Gold prices traded higher by 0.93% against the USD in the 24 hour period ending 23:00GMT, at 1295.80 per ounce, as demand for safe-haven assets increased after pro-Russian rebels in eastern Ukraine declared a victory in the disputed Sunday referendum on self-rule, heightening worries of a civil war in Ukraine.
In the Asian session, at GMT0300, Gold is trading at 1295.00, 0.06% lower from yesterday’s close.
Gold is expected to find support at 1286.03, and a fall through could take it to the next support level of 1277.07. Gold is expected to find its first resistance at 1304.23, and a rise through could take it to the next resistance level of 1313.47.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
