Gold Movement
Gold prices traded higher by 0.20% against the USD in the 24 hour period ending 23:00GMT, at 1280.74 per ounce, as the US Senate reached an agreement on raising the nation’s debt ceiling, a move that facilitates the reopening of a government shutdown. However, a stronger US Dollar kept the commodity’s gains in check.
In the Asian session, at GMT0300, Gold is trading at 1281.41, marginally higher from yesterday’s close.
Gold is expected to find support at 1270.56, and a fall through could take it to the next support level of 1259.70. Gold is expected to find its first resistance at 1290.96, and a rise through could take it to the next resistance level of 1300.50.
The yellow metal is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
