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


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.22% against the USD and closed at USD1285.60 per ounce, amid a broad weakness in the greenback after US lawmakers hinted that they would delay corporate tax reform until 2019.

In the Asian session, at GMT0400, the pair is trading at 1286.30, with the gold trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1281.90, and a fall through could take it to the next support level of 1277.50. The pair is expected to find its first resistance at 1290.10, and a rise through could take it to the next resistance level of 1293.90.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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