Gold prices traded lower by 2.98% against the USD in the 24 hour period ending 23:00GMT, at 1,323.72 per ounce, as the demand prospect of the dollar-denominated yellow metal was hurt after the US dollar gained ground following upbeat weekly initial jobless claim report. Additionally, diminishing concerns over Syrian crisis, further weighed on the demand outlook of the safe-haven metal.

Despite the weakness in gold, a leading broking house, hiked its 2013 average gold-price forecast by $50 to $1,446 per ounce.

In the Asian session, at GMT0300, Gold is trading at 1328.02, 0.32% higher from yesterday’s close.

Gold is expected to find support at 1311.48, and a fall through could take it to the next support level of 1294.94. Gold is expected to find its first resistance at 1353.40, and a rise through could take it to the next resistance level of 1378.78.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

Credit (GCI Financial)


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