Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.65% against the USD and closed at 1235.00. However, gains in gold prices were kept in check, amid a broad rally in global equity markets and robust US durable goods data.
In the Asian session, at GMT0400, the pair is trading at 1236.90, with the gold trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 1227.27, and a fall through could take it to the next support level of 1217.63. The pair is expected to find its first resistance at 1245.47, and a rise through could take it to the next resistance level of 1254.03.
The yellow metal is trading/showing convergence with its 20 Hr and 50 Hr moving average.
