For the 24 hours to 23:00 GMT, Gold declined 0.15% against the USD and closed at USD1269.30 per ounce, as the US Dollar strengthened and after the US Federal Reserve Chair, Jerome Powell highlighted a ‘strong’ case for additional interest rate hikes.
In the Asian session, at GMT0300, the pair is trading at 1268.70, with gold trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 1263.30, and a fall through could take it to the next support level of 1257.90. The pair is expected to find its first resistance at 1273.20, and a rise through could take it to the next resistance level of 1277.70.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.