Gold Movement
Gold prices traded higher by 0.44% against the USD in the 24-hour period ending 23:00GMT, at 1239.10 per ounce, as an unexpected drop in US new home sales led to a broad weakness in the greenback.
In the Asian session, at GMT0300, the pair is trading at 1240.6, with the gold trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1233.87, and a fall through could take it to the next support level of 1227.13. The pair is expected to find its first resistance at 1245.57, and a rise through could take it to the next resistance level of 1250.53.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
