Gold Movement
Gold prices traded higher by 0.48% against the USD in the 24-hour period ending 23:00GMT, at 1233.50 per ounce, as a broad weakness in global equity markets boosted demand for the safe-haven yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1232.5, with the gold trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1225.83, and a fall through could take it to the next support level of 1219.17. The pair is expected to find its first resistance at 1240.73, and a rise through could take it to the next resistance level of 1248.97.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
