Gold Movement
Gold prices traded lower by 0.31% against the USD in the 24-hour period ending 23:00GMT, at 1255.10 per ounce, as a broad strength in the greenback curbed investor’s appetite for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1252.6, with the gold trading 0.2% lower from Friday’s close.
The pair is expected to find support at 1245.20, and a fall through could take it to the next support level of 1237.80. The pair is expected to find its first resistance at 1263.20, and a rise through could take it to the next resistance level of 1273.80.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
