For the 24 hours to 23:00 GMT, Gold declined 1.04% against the USD and closed at USD1227.70 per ounce, as the US dollar strengthened, after Fed Chairman, Jerome Powell’s optimistic view on the US economy.
In the Asian session, at GMT0300, the pair is trading at 1228.20, with gold trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1221.03, and a fall through could take it to the next support level of 1213.87. The pair is expected to find its first resistance at 1240.23, and a rise through could take it to the next resistance level of 1252.27.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.