Gold Movement
On Friday, Gold prices traded marginally higher against the USD in the period ending 21:00GMT, at 1320.60 per ounce.
In the Asian session, at GMT0300, Gold is trading at 1317.60, 0.23% lower from Friday’s close, as the safe haven appeal of the yellow metal diminished following the IMF Chief, Christine Lagarde’s comments that economic recovery in the US would gain momentum in the coming months. However, the growth would solely depend on the Fed’s strategy to reduce stimulus measures and a proper fiscal plan by the political leaders. Christine Lagarde also hinted a cut in the agency’s global economic growth forecasts as investment is still weak and that risks remain in the US even as its economic rebound accelerates, she said.
Gold is expected to find support at 1314.50, and a fall through could take it to the next support level of 1311.40. Gold is expected to find its first resistance at 1322.40, and a rise through could take it to the next resistance level of 1327.20.
The yellow metal is trading just below its 20 Hr and 50 Hr moving averages.
