Gold Movement
On Friday, Gold prices traded lower by 0.34% against the USD in the period ending 21:00GMT, at 1218.50 per ounce, as upbeat US GDP data raised speculations that the Fed would hike its interest rates sooner than expected.
In the Asian session, at GMT0300, the pair is trading at 1219, with the gold trading marginally higher from Friday’s close.
The pair is expected to find support at 1210.3, and a fall through could take it to the next support level of 1201.6. The pair is expected to find its first resistance at 1230.2, and a rise through could take it to the next resistance level of 1241.4.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
