For the 24 hours to 23:00 GMT, Gold declined 0.13% against the USD and closed at USD1233.40 per ounce on Friday, as growing expectations of a March interest rate hike by the Federal Reserve continued to weigh on the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1234.00, with the gold trading slightly higher from Friday’s close, amid rising geopolitical tensions concerning North Korea.
The pair is expected to find support at 1225.60, and a fall through could take it to the next support level of 1217.20. The pair is expected to find its first resistance at 1239.80, and a rise through could take it to the next resistance level of 1245.60.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.