Gold Movement
Gold prices traded higher by 1.37% against the USD in the 24-hour period ending 23:00GMT, at 1241.90 per ounce, amid a broad slump in global equity markets.
In the Asian session, at GMT0300, the pair is trading at 1238.4, with the gold trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1228.33, and a fall through could take it to the next support level of 1218.27. The pair is expected to find its first resistance at 1246.73, and a rise through could take it to the next resistance level of 1255.07.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
