Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.75% against the USD and closed at USD1421.70 per ounce, amid broad weakness in the US dollar, following dovish comments by the US Fed Chairman.
In the Asian session, at GMT0300, the pair is trading at 1424.90, with gold trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 1401.33, and a fall through could take it to the next support level of 1377.77. The pair is expected to find its first resistance at 1438.93, and a rise through could take it to the next resistance level of 1452.97.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
