Gold: Yellow metal trading on a weaker footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.24% against the USD and closed at USD1224.50 per ounce, surrendering its previous session gains.

In the Asian session, at GMT0300, the pair is trading at 1219.90, with the gold trading 0.38% lower against the USD from yesterday’s close, with investors looking forward to crucial US non-farm payrolls data, slated to release later in the day.

The pair is expected to find support at 1216.63, and a fall through could take it to the next support level of 1213.37. The pair is expected to find its first resistance at 1225.03, and a rise through could take it to the next resistance level of 1230.17.

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

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