For the 24 hours to 23:00 GMT, Gold declined 0.35% against the USD and closed at USD1241.90 per ounce on Friday, as expectations of tighter monetary policy in future led to gains in global bond yields, reducing demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1237.40, with the gold trading 0.36% lower against the USD from Friday’s close.
The pair is expected to find support at 1233.60, and a fall through could take it to the next support level of 1229.80. The pair is expected to find its first resistance at 1244.70, and a rise through could take it to the next resistance level of 1252.00.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.