Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.47% against the USD and closed at USD1270.50 per ounce, as the much-awaited tax reform announcement from the US President, Donald Trump, disappointed investors and boosted gold prices.
In the Asian session, at GMT0300, the pair is trading at 1267.90, with the gold trading 0.2% lower against the USD from yesterday’s close.
The pair is expected to find support at 1261.47, and a fall through could take it to the next support level of 1255.03. The pair is expected to find its first resistance at 1273.57, and a rise through could take it to the next resistance level of 1279.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
