For the 24 hours to 23:00 GMT, Gold declined 0.75% against the USD and closed at USD1277.60 per ounce, as a rally in US equities, following upbeat economic releases, reduced demand for the precious yellow metal as an alternative investment.
In the Asian session, at GMT0400, the pair is trading at 1278.10, with gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1271.50, and a fall through could take it to the next support level of 1264.90. The pair is expected to find its first resistance at 1286.30, and a rise through could take it to the next resistance level of 1294.50.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.