Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.11% against the USD and closed at USD1216.70 per ounce, amid a broad weakness in the greenback, following comments from the US President-elect Donald Trump on strong US Dollar.
In the Asian session, at GMT0400, the pair is trading at 1214.80, with the gold trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 1206.90, and a fall through could take it to the next support level of 1199.00. The pair is expected to find its first resistance at 1220.80, and a rise through could take it to the next resistance level of 1226.80.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
