Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.63% against the USD and closed at 1262.00, after downbeat US economic data fuelled worries about the nation’s economic outlook and boosted demand for the safe-haven yellow metal.
In the Asian session, at GMT0400, the pair is trading at 1261.80, with the gold trading marginally lower from yesterday’s close.
The pair is expected to find support at 1243.63, and a fall through could take it to the next support level of 1225.47. The pair is expected to find its first resistance at 1274.63, and a rise through could take it to the next resistance level of 1287.47.
The yellow metal is trading above its 20 Hr and 50 Hr moving averages.
