Gold Movement
Gold prices traded lower by 0.24% against the USD in the 24 hour period ending 23:00GMT, at 1304.10 per ounce, amid a stronger US Dollar. However, during the day the yellow metal traded above the ‘1300-mark’, ahead of the Federal Reserve’s two-day monetary policy meeting, which commences today. The safe haven appeal of the metal also rose following escalating tensions in Ukraine and Gaza.
In the Asian session, at GMT0300, Gold is trading at 1305.80, 0.13% higher from yesterday’s close.
Gold is expected to find support at 1301.47, and a fall through could take it to the next support level of 1297.13. Gold is expected to find its first resistance at 1309.77, and a rise through could take it to the next resistance level of 1313.73.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
