Gold Movement
Gold prices traded lower by 0.07% against the USD in the 24 hour period ending 23:00GMT, at 1295.60 per ounce, as traders awaited the outcome of the US Fed two-day policy meeting that concludes today. Meanwhile, a rally in the world equity markets further weighed on the demand prospect of the commodity as an alternative investment.
In the Asian session, at GMT0300, Gold is trading at 1294.90, marginally lower from yesterday’s close. However, lingering tensions between Russia and the Western powers over Ukraine crisis kept the commodity’s losses in check.
Gold is expected to find support at 1286.67, and a fall through could take it to the next support level of 1278.43. Gold is expected to find its first resistance at 1302.57, and a rise through could take it to the next resistance level of 1310.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
