Gold Movement
Gold prices traded lower by 0.70% against the USD in the 24 hour period ending 23:00GMT, at 1242.00 per ounce, amid broad gains in the greenback. Meanwhile, gold prices were not boosted even though the US President Barack Obama authorized air-strikes against Syria and announced that more sanctions would be put on Russia, despite Russia removing bulk of its forces from the Ukrainian border.
In the Asian session, at GMT0300, the pair is trading at 1234.7, with the gold trading 0.59% lower from yesterday’s close.
The pair is expected to find support at 1228.06, and a fall through could take it to the next support level of 1221.43. The pair is expected to find its first resistance at 1246.06, and a rise through could take it to the next resistance level of 1257.43.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
