Gold Movement
Gold prices traded higher by 0.09% against the USD in the 24 hour period ending 23:00GMT, at 1319.50 per ounce, amid a decline in global equity markets. Additionally, the demand for the yellow metal rose, following an initial drop in its prices.
In the Asian session, at GMT0300, Gold is trading at 1318.7, 0.06% lower from yesterday’s close.
Gold is expected to find support at 1313.43, and a fall through could take it to the next support level of 1308.17. Gold is expected to find its first resistance at 1322.63, and a rise through could take it to the next resistance level of 1326.57.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
