Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.66% against the USD and closed at 1228.40, reversing its previous session losses, as a slump in global equity markets prompted investors to turn to the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1229.9, with the gold trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 1218.87, and a fall through could take it to the next support level of 1207.83. The pair is expected to find its first resistance at 1237.17, and a rise through could take it to the next resistance level of 1244.43.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
