Gold Movement
Gold prices traded higher by 0.14% against the USD in the 24 hour period ending 23:00GMT, at 1248.90 per ounce, amid concerns over global economic growth. Additionally, gold prices were further supported after China, world’s second biggest economy reported a soft Q3 2014 GDP data. Meanwhile, gold prices received support after demand in India continued to rise amid festival season in the second-largest consumer of gold.
In the Asian session, at GMT0300, the pair is trading at 1249.4, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1245.0, and a fall through could take it to the next support level of 1240.60. The pair is expected to find its first resistance at 1254.70, and a rise through could take it to the next resistance level of 1260.0.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
