Gold Movement
Gold prices traded lower by 0.58% against the USD in the 24 hour period ending 23:00GMT, at 1344.23 per ounce, as a stronger dollar weighed on the demand prospect of the dollar-denominated commodity.
In the Asian session, at GMT0400, Gold is trading at 1344.18, flat from yesterday’s close, as investors awaited for the Federal Reserve officials to make a statement later today at the end of its two-day policy meeting. Market speculation has built that the bank will stay on course with its stimulus measures and will not reduce any asset purchases.
Gold is expected to find support at 1336.12, and a fall through could take it to the next support level of 1328.05. Gold is expected to find its first resistance at 1354.51, and a rise through could take it to the next resistance level of 1364.83.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
