Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.28% against the USD and closed at USD1318.70 per ounce on Friday, as concerns over global economic slowdown, boosted demand for safe haven assets.
In the Asian session, at GMT0400, the pair is trading at 1321.60, with gold trading 0.22% higher against the USD from Friday’s close.
The pair is expected to find support at 1316.00, and a fall through could take it to the next support level of 1310.40. The pair is expected to find its first resistance at 1324.50, and a rise through could take it to the next resistance level of 1327.40.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
