Gold Movement
Gold prices traded higher by 0.72% against the USD in the 24 hour period ending 23:00GMT, at 1301.50 per ounce, after the ECB in its highly awaited decision announced an expanded asset purchase program to revive economic growth in the Euro-economy, thus increasing demand for the precious yellow metal.
Gold prices also found support after Russia expanded its gold reserves for the 9-month to about 38.8 million ounces by 01 January, from 38.2 million ounces reported in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1297.90, with the gold trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1282.06, and a fall through could take it to the next support level of 1266.23. The pair is expected to find its first resistance at 1310.76, and a rise through could take it to the next resistance level of 1323.63.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
