Gold Movement
On Friday, Gold prices traded higher by 0.83% against the USD in the period ending 21:00GMT, at 1269.10 per ounce, as disappointing non-farm payrolls data from the US diminished expectations that the Fed might raise interest rates sooner-than-expected. However, gains in the yellow metal were pared as Ukraine and Russia agreed on a ceasefire decreased its appeal as a safe-haven.
In the Asian session, at GMT0300, the pair is trading at 1269.5, with the gold trading tad higher from yesterday’s close.
The pair is expected to find support at 1263.2667, and a fall through could take it to the next support level of 1257.0333. The pair is expected to find its first resistance at 1275.2667, and a rise through could take it to the next resistance level of 1281.0333.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
