Gold Movement
Gold prices traded higher by 0.06% against the USD in the 24 hour period ending 23:00GMT, at 1275.21 per ounce, as a weakness in the US Dollar bolstered the demand outlook of the dollar-denominated commodity. The US Dollar gave up ground against most of its counterparts following comments from top Fed officials that supported the case for a prolonged stimulus measure in the US economy.
In the Asian session, at GMT0400, Gold is trading at 1275.23, almost flat from yesterday’s close.
Gold is expected to find support at 1270.03, and a fall through could take it to the next support level of 1264.84. Gold is expected to find its first resistance at 1279.71, and a rise through could take it to the next resistance level of 1284.20.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
