Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.16% against the USD and closed at USD1312.60 per ounce, after an upbeat US private sector employment data stoked speculation that the US Federal Reserve would hike interest rate in the near-term.
In the Asian session, at GMT0300, the pair is trading at 1313.30, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1307.07, and a fall through could take it to the next support level of 1300.83. The pair is expected to find its first resistance at 1319.37, and a rise through could take it to the next resistance level of 1325.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
