Gold Movement
Gold prices traded higher by 1.39% against the USD in the 24 hour period ending 23:00GMT, at 1294.10 per ounce, after the International Monetary Fund (IMF) trimmed its global economic forecast for 2015, along with downbeat Chinese 4Q GDP data, thus boosting demand for the safe-haven metal.
Gold prices were also supported after the SPDR Gold Trust reported that its gold holdings increased for a third day to 742.24 metric tons, marking its longest run since 11 December.
In the Asian session, at GMT0400, the pair is trading at 1296.60, with the gold trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1281.96, and a fall through could take it to the next support level of 1267.33. The pair is expected to find its first resistance at 1304.66, and a rise through could take it to the next resistance level of 1312.73.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
