Gold Movement
On Friday Gold prices traded lower by 0.86% against the USD in the period ending 21:00GMT, at 1310.50 per ounce, reversing its initial gains triggered by uncertainty in Ukraine and Israel.
Meanwhile, last week the World Bank projected prices of the yellow metal to lose ground on the back of a positive economic outlook of the US and higher borrowing.
In the Asian session, at GMT0300, Gold is trading at 1312.10, 0.12% higher from Friday’s close.
Gold is expected to find support at 1305.47, and a fall through could take it to the next support level of 1298.83. Gold is expected to find its first resistance at 1318.27, and a rise through could take it to the next resistance level of 1324.43.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
