For the 24 hours to 23:00 GMT, Gold declined 0.78% against the USD and closed at USD 1242.80 per ounce, as strength in US dollar and US equities, dented demand for the safe haven asset.
In the Asian session, at GMT0300, the pair is trading at 1241.10, with gold trading 0.14% lower against the USD from yesterday’s close.
The pair is expected to find support at 1235.40, and a fall through could take it to the next support level of 1229.70. The pair is expected to find its first resistance at 1250.20, and a rise through could take it to the next resistance level of 1259.30.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.