Gold Movement
Gold prices traded lower by 1.06% against the USD in the 24-hour period ending 23:00GMT, at 1256.80 per ounce, amid a broad rally in global equity markets.
In the Asian session, at GMT0400, the pair is trading at 1253.5, with the gold trading 0.26% lower from Friday’s close.
The pair is expected to find support at 1242.47, and a fall through could take it to the next support level of 1231.43. The pair is expected to find its first resistance at 1271.07, and a rise through could take it to the next resistance level of 1288.63.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
