Gold Movement
For the 24 hours to 23:00 GMT, Gold declined slightly against the USD and closed at USD1230.40 per ounce, ahead of the Federal Reserve’s monetary policy meeting.
In the Asian session, at GMT0300, the pair is trading at 1229.9, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1227.10, and a fall through could take it to the next support level of 1224.30. The pair is expected to find its first resistance at 1233.40, and a rise through could take it to the next resistance level of 1236.90.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
