Gold Movement
On Friday Gold prices traded lower by 0.39% against the USD in the period ending 21:00GMT, at 1315.00 per ounce, amid profit-taking. However, continued unrest in Iraq kept the commodity’s losses in check.
In the Asian session, at GMT0300, Gold is trading at 1313.10, 0.14% lower from Friday’s close, as a rally in Asian equity markets dampened the demand-outlook of the metal as an alternate investment.
Gold is expected to find support at 1306.63, and a fall through could take it to the next support level of 1300.17. Gold is expected to find its first resistance at 1320.03, and a rise through could take it to the next resistance level of 1326.97.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
