Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.12% against the USD and closed at USD1514.40 per ounce, amid weakness in the US dollar and as concerns over US-China trade deal resurfaced.
In the Asian session, at GMT0400, the pair is trading at 1512.90, with gold trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 1502.10, and a fall through could take it to the next support level of 1491.30. The pair is expected to find its first resistance at 1520.20, and a rise through could take it to the next resistance level of 1527.50.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
