Gold Movement
Gold prices traded higher by 0.22% against the USD in the 24 hour period ending 23:00GMT, at 1324.92 per ounce, as lingering uncertainty over Fed’s pace of stimulus measures bolstered the demand outlook of the safe-haven commodity.
In the Asian session, at GMT0300, Gold is trading at 1325.24, tad higher from yesterday’s close.
Gold is expected to find support at 1310.87, and a fall through could take it to the next support level of 1296.49. Gold is expected to find its first resistance at 1334.50, and a rise through could take it to the next resistance level of 1343.75.
The yellow metal is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
