Gold: Yellow metal trading on a weaker footing this morning

Gold

Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.74% against the USD and closed at USD1256.00 per ounce, amid a broad strength in the greenback.

In the Asian session, at GMT0300, the pair is trading at 1253.90, with the gold trading 0.17% lower against the USD from yesterday’s close.

The pair is expected to find support at 1248.40, and a fall through could take it to the next support level of 1242.90. The pair is expected to find its first resistance at 1263.70, and a rise through could take it to the next resistance level of 1273.50.

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

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