Gold Movement
Gold prices traded lower by 2.93% against the USD in the 24 hour period ending 23:00GMT, at 1289.77 per ounce, as lack of buying support and the limited profit potential were enough to convince traders to book profits in the safe haven gold. Strong economic data from the US was also enough to support risk sentiment, as the ISM manufacturing PMI reported a better than expected reading for September.
In the Asian session, at GMT0300, Gold is trading at 1292.67, 0.22% higher from yesterday’s close.
Gold is expected to find support at 1267.38, and a fall through could take it to the next support level of 1242.10. Gold is expected to find its first resistance at 1327.72, and a rise through could take it to the next resistance level of 1362.78.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
