Gold Movement
For the 24 hours to 23:00 GMT, the Gold rose 4.22% against the USD and closed at 1248.00, as tumbling global equity markets and deepening concerns about the health of the global economy prompted investors to turn to safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1233.70, with the gold trading 1.15% lower from yesterday’s close.
The pair is expected to find support at 1204.83, and a fall through could take it to the next support level of 1175.96. The pair is expected to find its first resistance at 1263.23, and a rise through could take it to the next resistance level of 1292.77.
The yellow metal is trading between its 20 Hr and 50 Hr moving averages.
