Gold Movement
Gold prices traded higher by 1.12% against the USD in the 24-hour period ending 23:00GMT, at 1231.50 per ounce, reversing its previous session losses, as global equity markets tumbled, thus increased demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1231.3, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1224.87, and a fall through could take it to the next support level of 1218.43. The pair is expected to find its first resistance at 1238.27, and a rise through could take it to the next resistance level of 1245.23.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
