Gold Movement
Gold prices traded lower by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1367.44 per ounce, after the latest Federal Open Market Committee (FOMC) minutes indicated that a number of policy makers expressed willingness to adjust the flow of asset purchases downward as early as June.
In the Asian session, at GMT0300, Gold is trading at 1366.25, marginally lower from yesterday’s close.
Gold is expected to find support at 1342.52, and a fall through could take it to the next support level of 1318.80. Gold is expected to find its first resistance at 1402.36, and a rise through could take it to the next resistance level of 1438.48.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
