Gold Movement
For the 24 hours to 23:00 GMT, Gold declined 0.69% against the USD and closed at USD1203.00 per ounce, as a rally in global equities dented demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1201.30, with the gold trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 1194.27, and a fall through could take it to the next support level of 1187.23. The pair is expected to find its first resistance at 1209.37, and a rise through could take it to the next resistance level of 1217.43.
The yellow metal is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
