Gold Movement
Gold prices traded lower by 0.38% against the USD in the 24-hour period ending 23:00GMT, at 1278.70 per ounce, extending its losses for the fourth consecutive session, amid a broad strength in the greenback.
In the Asian session, at GMT0300, the pair is trading at 1280.80, with the gold trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1271.47, and a fall through could take it to the next support level of 1262.13. The pair is expected to find its first resistance at 1289.27, and a rise through could take it to the next resistance level of 1297.73.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
