Gold Movement
Gold prices traded higher by 1.78% against the USD in the 24 hour period ending 23:00GMT, at 1321.90 per ounce, as the safe haven appeal of the yellow metal rose after geopolitical concerns intensified following news that Israel launched a ground offensive in Gaza and on speculation that a Malaysian passenger plane which crashed in eastern Ukraine was actually shot down. On the back of global tensions, a decline in equity markets also led investors to favour the yellow metal, thereby boosting gold prices.
In the Asian session, at GMT0300, Gold is trading at 1316.2, 0.43% lower from yesterday’s close.
Gold is expected to find support at 1301.70, and a fall through could take it to the next support level of 1287.20. Gold is expected to find its first resistance at 1328.30, and a rise through could take it to the next resistance level of 1340.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
