Gold Movement
On Friday, Gold prices traded lower by 0.21% against the USD in the period ending 21:00GMT, at 1288.00 per ounce, as safe-haven appeal of the yellow metal diminished after encouraging US data, amid a rally in global equity markets. Meanwhile, tensions between Russia and Ukraine failed to support prices of gold.
In the Asian session, at GMT0300, the pair is trading at 1287.8, with the gold trading marginally lower from Friday’s close.
The pair is expected to find support at 1283.7667, and a fall through could take it to the next support level of 1279.7333. The pair is expected to find its first resistance at 1292.1667, and a rise through could take it to the next resistance level of 1296.5333.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
