Gold Movement
Gold prices traded lower by 1.16% against the USD in the 24 hour period ending 23:00GMT, at 1274.40 per ounce, as speculation for an earlier-than-expected Fed tapering was strengthened after the New York Fed President, William Dudley expressed confidence in the recovery of the US economy and Charles Plosser, Philadelphia Fed President, suggested that the central bank should set a final size for its stimulus programme and “bring it to an end” after reaching that amount.
In the Asian session, at GMT0400, Gold is trading at 1274.69, marginally higher from yesterday’s close.
Gold is expected to find support at 1267.10, and a fall through could take it to the next support level of 1259.51. Gold is expected to find its first resistance at 1285.33, and a rise through could take it to the next resistance level of 1295.97.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
