For the 24 hours to 23:00 GMT, Gold rose 1.24% against the USD and closed at USD1296.50 per ounce, amid a broad weakness in the greenback after the latest FOMC minutes underscored policymakers’ concerns over persistently low inflation.
In the Asian session, at GMT0400, the pair is trading at 1294.20, with gold trading 0.18% lower against the USD from yesterday’s close.
The pair is expected to find support at 1282.20, and a fall through could take it to the next support level of 1270.20. The pair is expected to find its first resistance at 1302.60, and a rise through could take it to the next resistance level of 1311.00.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.