For the 24 hours to 23:00 GMT, Gold rose 0.38% against the USD and closed at USD1317.40 per ounce, as a flagging rally in global equities enticed investors to turn to the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1319.80, with gold trading 0.18% higher against the USD from yesterday’s close.
The pair is expected to find support at 1310.07, and a fall through could take it to the next support level of 1300.33. The pair is expected to find its first resistance at 1329.07, and a rise through could take it to the next resistance level of 1338.33.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.