Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.30% against the USD and closed at USD1277.40 per ounce, as weakness in US stocks boosted demand appeal for the safe haven commodity.
In the Asian session, at GMT0300, the pair is trading at 1278.20, with gold trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1272.23, and a fall through could take it to the next support level of 1266.27. The pair is expected to find its first resistance at 1282.43, and a rise through could take it to the next resistance level of 1286.67.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
