Gold Movement
Gold prices traded lower by 0.40% against the USD in the 24 hour period ending 23:00GMT, at 1276.90 per ounce, as appetite for the precious metal waned following a rally in the equity markets.
In the Asian session, at GMT0300, Gold is trading at 1280.4, 0.27% higher from yesterday’s close.
Gold is expected to find support at 1276.4, and a fall through could take it to the next support level of 1272.4. Gold is expected to find its first resistance at 1283, and a rise through could take it to the next resistance level of 1285.6.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
