Gold Movement
Gold prices traded lower by 0.55% against the USD in the 24 hour period ending 23:00GMT, at 1198.72 per ounce, as the yellow metal lost its safe haven allure as the investor risk appetite increased after upbeat US consumption and spending data, signalling continuing US recovery.
In the Asian session, at GMT0400, Gold is trading at 1198.94, tad higher from yesterday’s close.
Gold is expected to find support at 1192.27, and a fall through could take it to the next support level of 1185.60. Gold is expected to find its first resistance at 1206.02, and a rise through could take it to the next resistance level of 1213.10.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
