Gold Movement
Gold prices traded higher by 1.83% against the USD in the 24 hour period ending 23:00GMT, at 1336.05 per ounce, as the greenback weakened on soft US home sales data supporting the case for the Federal Reserve to continue with current accommodative monetary policy.
In the Asian session, at GMT0300, Gold is trading at 1336.21, marginally higher from yesterday’s close.
Gold is expected to find support at 1320.13, and a fall through could take it to the next support level of 1304.04. Gold is expected to find its first resistance at 1346.14, and a rise through could take it to the next resistance level of 1356.06.
The yellow metal is trading above its 20 Hr and its 50 Hr moving averages.
