Gold Movement
Gold prices traded higher by 0.95% against the USD in the 24 hour period ending 23:00GMT, at 1349.68 per ounce, as the European Central Bank (ECB) Chief, Mario Draghi’s projection for a gradual rise in the Euro-zone’s inflation rate spurred demand for the commodity as a hedge against inflation.
In the Asian session, at GMT0400, Gold is trading at 1349.99, tad higher from yesterday’s close.
Gold is expected to find support at 1336.27, and a fall through could take it to the next support level of 1322.55. Gold is expected to find its first resistance at 1358.71, and a rise through could take it to the next resistance level of 1367.43.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
