Gold: Yellow metal trading on a stronger footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 1.13% against the USD and closed at USD1246.80 per ounce, as robust US economic data dented demand for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1249.7, with the gold trading 0.23% higher from yesterday’s close, as investors seek shelter in the safe haven currency amid growing political turmoil in the US.

The pair is expected to find support at 1241.93, and a fall through could take it to the next support level of 1234.17. The pair is expected to find its first resistance at 1261.23, and a rise through could take it to the next resistance level of 1272.77.

The yellow metal is trading below its 20 Hr and 50 Hr moving averages.

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