Gold Movement
Gold prices traded lower by 0.74% against the USD in the 24 hour period ending 23:00GMT, at 1356.20 per ounce, as tensions in Ukraine eased, diminishing the safe haven appeal of the yellow metal.
Separately, another report revealed that the Market Vectors Gold Miners ETF surged 25% this year, more than double the 12% rise of the SPDR Gold Trust, the biggest exchange-traded product backed by bullion.
In the Asian session, at GMT0400, Gold is trading at 1357.39, 0.09% higher from yesterday’s close, ahead of the Federal Reserve’s policy meeting.
Gold is expected to find support at 1349.63, and a fall through could take it to the next support level of 1341.88. Gold is expected to find its first resistance at 1366.39, and a rise through could take it to the next resistance level of 1375.40.
The yellow metal is is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
