Gold Movement
Gold prices traded higher by 0.37% against the USD in the 24 hour period ending 23:00GMT, at 1244.72 per ounce, amid a slightly weaker dollar. Positive sentiment for the yellow metal was also fuelled after data showed that China’s net gold imports from Hong Kong reached the second-highest level on record in October. However, lingering Fed tapering concerns capped precious metal gains.
In the Asian session, at GMT0400, Gold is trading at 1242.13, 0.21% lower from yesterday’s close.
Gold is expected to find support at 1231.25, and a fall through could take it to the next support level of 1220.36. Gold is expected to find its first resistance at 1253.43, and a rise through could take it to the next resistance level of 1264.72.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
