Gold Movement
Gold prices traded higher by 0.11% against the USD in the 24 hour period ending 23:00GMT, at 1724.54 per ounce, amid hopes for higher demand from Asian buyers, especially from India. Prices were further lifted as minutes of the Federal Reserve’s most recent policy meeting indicated the central bank’s stimulus efforts are likely to continue in 2013.
In the Asian session, at GMT0400, Gold is trading at 1725.10, marginally higher from yesterday’s close.
Gold is expected to find support at 1719.22, and a fall through could take it to the next support level of 1713.33. Gold is expected to find its first resistance at 1732.56, and a rise through could take it to the next resistance level of 1740.02.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
