For the 24 hours to 23:00 GMT, Gold rose 1.75% against the USD and closed at USD1260.70 per ounce, amid weakness in the greenback following concerns over US political turmoil. Also, a broad decline in global equities boosted further gains in gold prices.
In the Asian session, at GMT0300, the pair is trading at 1259.80, with the gold trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1246.07, and a fall through could take it to the next support level of 1232.33. The pair is expected to find its first resistance at 1268.37, and a rise through could take it to the next resistance level of 1276.93.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.