Gold Movement
Gold prices traded lower by 0.15% against the USD in the 24 hour period ending 23:00GMT, at 1238.90 per ounce, following encouraging economic data from the US, thereby easing fears over the US economic outlook.
In the Asian session, at GMT0300, the pair is trading at 1238.70, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1234.26, and a fall through could take it to the next support level of 1229.83. The pair is expected to find its first resistance at 1244.06, and a rise through could take it to the next resistance level of 1249.43.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
