Gold: Yellow metal trading slightly lower in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold rose 0.34% against the USD and closed at USD1282.00 per ounce, lifted by rumours that the implementation of a major US corporate tax cut could be delayed by one-year.

In the Asian session, at GMT0400, the pair is trading at 1281.80, with gold trading marginally lower against the USD from yesterday’s close.

The pair is expected to find support at 1276.17, and a fall through could take it to the next support level of 1270.53. The pair is expected to find its first resistance at 1287.77, and a rise through could take it to the next resistance level of 1293.73.

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

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