Gold Movement
Gold prices traded higher by 0.17% against the USD in the 24 hour period ending 23:00GMT, at 1091.70 per ounce, ending its losing streak, amid a weak greenback and a sell-off in global equity markets, enhanced demand for the precious yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1092.3, with the gold trading marginally higher from yesterday’s close.
The pair is expected to find support at 1088.17, and a fall through could take it to the next support level of 1084.03. The pair is expected to find its first resistance at 1095.67, and a rise through could take it to the next resistance level of 1099.03.
The yellow metal is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
