Gold Movement
On Friday Gold prices traded marginally lower against the USD in the period ending 21:00GMT, at 1316.30 per ounce, as a more-than-expected rise in the US consumer confidence data for June weighed on the demand-outlook of the commodity’s safe-haven appeal.
In the Asian session, at GMT0300, Gold is trading at 1316.90, marginally higher from Friday’s close.
Gold is expected to find support at 1312.37, and a fall through could take it to the next support level of 1307.83. Gold is expected to find its first resistance at 1322.27, and a rise through could take it to the next resistance level of 1327.63.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
