For the 24 hours to 23:00 GMT, Gold rose 0.16% against the USD and closed at USD1218.30 per ounce, after the Federal Reserve Chair, Janet Yellen, indicated that the central bank would only gradually tighten its monetary policy.
In the Asian session, at GMT0300, the pair is trading at 1222.20, with the gold trading 0.32% higher against the USD from yesterday’s close, amid weakness in the US Dollar.
The pair is expected to find support at 1214.73, and a fall through could take it to the next support level of 1207.27. The pair is expected to find its first resistance at 1227.43, and a rise through could take it to the next resistance level of 1232.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.