Gold: Yellow metal trading on a weaker footing this morning


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.9% against the USD and closed at USD1309.90 per ounce, as the US President, Donald Trump’s move to cancel a meeting with North Korea, renewed geopolitical tensions and increased demand for the precious yellow metal.

In the Asian session, at GMT0300, the pair is trading at 1307.00, with gold trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 1299.00, and a fall through could take it to the next support level of 1291.00. The pair is expected to find its first resistance at 1313.40, and a rise through could take it to the next resistance level of 1319.80.

The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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