Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 2.91% against the USD and closed at 1191.40, as sliding global equity markets and concerns about global economic growth, increased the demand of the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1193.50, with the gold trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 1171.53, and a fall through could take it to the next support level of 1149.57. The pair is expected to find its first resistance at 1208.43, and a rise through could take it to the next resistance level of 1223.37.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
