Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.38% against the USD and closed at USD1248.80 per ounce, as the greenback strengthened after hawkish remarks from some key Federal Reserve officials raised expectations for a March interest rate hike.
In the Asian session, at GMT0400, the pair is trading at 1243.30, with the gold trading 0.44% lower against the USD from yesterday’s close.
The pair is expected to find support at 1237.43, and a fall through could take it to the next support level of 1231.57. The pair is expected to find its first resistance at 1254.23, and a rise through could take it to the next resistance level of 1265.17.
The yellow metal is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
