Gold Movement
Gold prices traded lower by 1.75% against the USD in the 24 hour period ending 23:00GMT, at 1244.70 per ounce, as the greenback strengthened broadly, after the government data revealed that the US economy expanded in Q4.
In the Asian session, at GMT0400, Gold is trading at 1242.93, 0.14% lower from yesterday’s close.
Gold is expected to find support at 1232.67, and a fall through could take it to the next support level of 1222.42. Gold is expected to find its first resistance at 1258.68, and a rise through could take it to the next resistance level of 1274.44.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
