Gold Movement
Gold prices traded lower by 0.07% against the USD in the 24 hour period ending 23:00GMT, at 1314.55 per ounce. However, the losses in the commodity were capped, as the US Dollar gave up ground against major counterparts after two of the Fed top policymakers indicated that the central bank might continue with its quantitative easing programme for a longer time to support growth in the US economy.
In the Asian session, at GMT0400, Gold is trading at 1316.30, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1310.73, and a fall through could take it to the next support level of 1305.16. Gold is expected to find its first resistance at 1322.31, and a rise through could take it to the next resistance level of 1328.32.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
