Gold Movement
Gold prices traded lower by 1.71% against the USD in the 24 hour period ending 23:00GMT, at 1123.00 per ounce, amid a surge in the equities market in the US and a stronger Dollar.
In the Asian session, at GMT0300, the pair is trading at 1127.10, with gold trading 0.37% higher from yesterday’s close.
The pair is expected to find support at 1116.26, and a fall through could take it to the next support level of 1105.43. The pair is expected to find its first resistance at 1138.56, and a rise through could take it to the next resistance level of 1150.03.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
