Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.67% against the USD and closed at USD1298.20 per ounce, as weakness in the US Dollar and a slump in global equity markets, increased the demand for the safe-haven yellow metal. However, gold prices pared gains after the US Federal Reserve signalled for an interest rate hike in December.
In the Asian session, at GMT0400, the pair is trading at 1305.70, with the gold trading 0.58% higher from yesterday’s close.
The pair is expected to find support at 1294.37, and a fall through could take it to the next support level of 1283.03. The pair is expected to find its first resistance at 1313.17, and a rise through could take it to the next resistance level of 1320.63.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
