For the 24 hours to 23:00 GMT, Gold rose 0.29% against the USD and closed at USD1288.20 per ounce, as weakness in the US dollar increased demand for the dollar denominated commodity.
In the Asian session, at GMT0400, the pair is trading at 1288.20, with gold trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1283.77, and a fall through could take it to the next support level of 1279.33. The pair is expected to find its first resistance at 1292.37, and a rise through could take it to the next resistance level of 1296.53.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.