Gold Movement
Gold prices traded lower by 0.76% against the USD in the 24 hour period ending 23:00GMT, at 1243.45 per ounce, as the greenback strengthened and ahead of both the European Central Bank and the Bank of England’s policy decision tomorrow.
In the Asian session, at GMT0300, Gold is trading at 1246.47, 0.24% higher from yesterday’s close.
Gold is expected to find support at 1234.92, and a fall through could take it to the next support level of 1223.37. Gold is expected to find its first resistance at 1262.85, and a rise through could take it to the next resistance level of 1279.23.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
