Gold Movement
Gold prices advanced marginally against the USD in the 24 hour period ending 23:00GMT, at 1242.89 per ounce, amid a weaker US Dollar.
The safe-haven appeal of the yellow metal received a further boost after the San Francisco Fed President, John Williams, warned that the threats of deep, long-lasting economic downturns in the US economy were not only possible, but also probable.
In the Asian session, at GMT0400, Gold is trading at 1243.31, marginally higher from yesterday’s close.
Gold is expected to find support at 1238.04, and a fall through could take it to the next support level of 1232.78. Gold is expected to find its first resistance at 1246.98, and a rise through could take it to the next resistance level of 1250.66.
The yellow metal is trading just above its 20 Hr and 50 Hr moving averages.
