Gold Movement
Gold prices traded lower by 0.10% against the USD in the 24 hour period ending 23:00GMT, at 1309.79 per ounce, as risk-appetite among traders rose after data showed that consumer confidence in the US came in above market expectations for March. However, the losses were kept in check after a report showed that Iraq purchased 36 metric tons of gold this month, its largest purchase in three years.
In the Asian session, at GMT0400, Gold is trading at 1312.88, 0.24% higher from yesterday’s close.
Gold is expected to find support at 1306.11, and a fall through could take it to the next support level of 1299.33. Gold is expected to find its first resistance at 1318.57, and a rise through could take it to the next resistance level of 1324.25.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
