Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.13% against the USD and closed at USD1279.60 per ounce, as strength in the US dollar dented demand for the safe haven asset.
In the Asian session, at GMT0400, the pair is trading at 1277.90, with gold trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 1275.00, and a fall through could take it to the next support level of 1272.10. The pair is expected to find its first resistance at 1281.80, and a rise through could take it to the next resistance level of 1285.70.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
