Gold: Yellow metal trading on a weaker footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.5% against the USD and closed at USD1274.80 per ounce, lifted by downbeat US services sector data that raised doubts over the possibility of another Federal Reserve interest rate hike this year.

In the Asian session, at GMT0300, the pair is trading at 1273.70, with the gold trading 0.09% lower against the USD from yesterday’s close, as investors remain cautious ahead of the US non-farm payrolls data, slated to release later in the day.

The pair is expected to find support at 1267.33, and a fall through could take it to the next support level of 1260.97. The pair is expected to find its first resistance at 1278.53, and a rise through could take it to the next resistance level of 1283.37.

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

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