For the 24 hours to 23:00 GMT, Gold declined 0.24% against the USD and closed at USD1198.80 per ounce, on expectations of an interest rate hike by the US Federal Reserve later today.
In the Asian session, at GMT0400, the pair is trading at 1201.00, with the gold trading 0.18% higher against the USD from yesterday’s close.
The pair is expected to find support at 1196.10, and a fall through could take it to the next support level of 1191.20. The pair is expected to find its first resistance at 1206.70, and a rise through could take it to the next resistance level of 1212.40.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.