Gold Movement
For the 24 hours to 23:00 GMT, the Gold declined 0.88% against the USD and closed at 1237.00, as the US dollar strengthened on the back of better than expected US retail sales data, along with an uptrend in stock markets declined the demand of the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1221.6, with the gold trading 1.24% lower from Friday’s close.
The pair is expected to find support at 1212.40, and a fall through could take it to the next support level of 1203.20. The pair is expected to find its first resistance at 1238.70, and a rise through could take it to the next resistance level of 1255.80.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
