Gold Movement
Gold prices traded lower by 0.89% against the USD in the 24 hour period ending 23:00GMT, at 1284.54 per ounce, hurt by a decline in the holdings in the largest exchange-traded product, SPDR Gold Trust, which witnessed a fall of 3.89 metric tons yesterday, the most in tonnage terms since 19 February. Negative sentiment was also fuelled after a leading broking house projected a further downturn in the prices of the commodity by forecasting gold prices to average $1,180 an ounce in the second quarter.
In the Asian session, at GMT0300, Gold is trading at 1284.63, tad higher from yesterday’s close.
Gold is expected to find support at 1275.34, and a fall through could take it to the next support level of 1266.05. Gold is expected to find its first resistance at 1295.56, and a rise through could take it to the next resistance level of 1306.49.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
