Gold: Yellow metal trading a tad higher in the morning session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.49% against the USD and closed at USD1271.10 per ounce, as robust economic data in the US reduced demand for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1271.40, with the gold trading marginally higher against the USD from yesterday’s close, as investors await the US non-farm payrolls data due later today.

The pair is expected to find support at 1266.07, and a fall through could take it to the next support level of 1260.73. The pair is expected to find its first resistance at 1279.17, and a rise through could take it to the next resistance level of 1286.93.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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