Gold Movement
On Friday Gold prices ended mostly flat against the USD in the period ending 21:00GMT, at 1288.21 per ounce, erasing previous session gains, as investors took a breather from applauding the incoming Fed Chief, Janet Yellen’s dovish comments delivered before the Senate Banking Committee on Thursday. However a weaker US Dollar kept the commodity’s losses in check.
In the Asian session, at GMT0400, Gold is trading at 1287.61, marginally lower from Friday’s close.
Gold is expected to find support at 1281.74, and a fall through could take it to the next support level of 1275.86. Gold is expected to find its first resistance at 1292.21, and a rise through could take it to the next resistance level of 1296.80.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
