For the 24 hours to 23:00 GMT, Gold rose 0.4% against the USD and closed at USD1298.60 per ounce, as weakness in global equity markets increased demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1298.20, with gold trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 1293.00, and a fall through could take it to the next support level of 1287.80. The pair is expected to find its first resistance at 1303.40, and a rise through could take it to the next resistance level of 1308.60.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.