Gold Movement
Gold prices traded lower by 0.21% against the USD in the 24 hour period ending 23:00GMT, at 1276.30 per ounce, reverses its previous session gains.
In the Asian session, at GMT0400, the pair is trading at 1277.00, with the gold trading 0.08% higher from yesterday’s close, after the demand for the safe-haven metal got boosted following China’s worst than expected GDP figure in 4Q 2014 and after the IMF slashed its growth forecasts for the world economy this year.
The pair is expected to find support at 1273.16, and a fall through could take it to the next support level of 1269.03. The pair is expected to find its first resistance at 1280.36, and a rise through could take it to the next resistance level of 1283.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
