For the 24 hours to 23:00 GMT, Gold declined 0.73% against the USD and closed at USD1229.00 per ounce, as increased odds of a June interest rate hike by the Fed dented demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1228.40, with the gold trading slightly lower from yesterday’s close.
The pair is expected to find support at 1222.20, and a fall through could take it to the next support level of 1216.00. The pair is expected to find its first resistance at 1238.10, and a rise through could take it to the next resistance level of 1247.80.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.