Gold: Yellow metal trading slightly lower in the Asian session


Gold Movement

For the 24 hours to 23:00 GMT, Gold declined 0.08% against the USD and closed at USD1322.00 per ounce on Friday, as upbeat wage growth data in the US stepped-up bets that the Fed would remain on track for three interest rate hikes this year.

In the Asian session, at GMT0400, the pair is trading at 1321.30, with gold trading marginally lower against the USD from Friday’s close.

The pair is expected to find support at 1315.97, and a fall through could take it to the next support level of 1310.63. The pair is expected to find its first resistance at 1325.27, and a rise through could take it to the next resistance level of 1329.23.

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

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