Gold Movement
On Friday, Gold prices traded lower by 0.93% against the USD in the period ending 21:00GMT, at 1230.50 per ounce, following upbeat retail sales and consumer confidence data from the US rose speculations that the Fed may adopt a hawkish tone at its monthly monetary policy meeting scheduled later in the week. Meanwhile, retreating Russia-Ukraine tensions dimmed yellow metal’s safe-haven appeal.
In the Asian session, at GMT0300, the pair is trading at 1232.00, with the gold trading 0.12% higher from Friday’s close.
The pair is expected to find support at 1225.17, and a fall through could take it to the next support level of 1218.33. The pair is expected to find its first resistance at 1239.97, and a rise through could take it to the next resistance level of 1247.93.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
