Gold Movement
Gold prices finished 1.27% higher against the USD in the 24 hour period ending 23:00GMT, at 1290.49 per ounce, as traders favoured the safe-haven metal following downbeat comments about the recovery in the US labour market from the Fed Chief.
In the Asian session, at GMT0400, Gold is trading at 1285.11, 0.42% lower from yesterday’s close.
Gold is expected to find support at 1276.31, and a fall through could take it to the next support level of 1267.51. Gold is expected to find its first resistance at 1293.92, and a rise through could take it to the next resistance level of 1302.73.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
