Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.91% against the USD and closed at 1231.8, as the US stock markets resumed their downward trend, increasing the demand of the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1228.20, with the gold trading 0.29% lower from yesterday’s close.
The pair is expected to find support at 1206.13, and a fall through could take it to the next support level of 1184.07. The pair is expected to find its first resistance at 1245.43, and a rise through could take it to the next resistance level of 1262.67.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
