Gold Movement
Gold prices traded higher by 1.70% against the USD in the 24-hour period ending 23:00GMT, at 1261.20 per ounce, amid a broad weakness in the greenback.
In the Asian session, at GMT0300, the pair is trading at 1256.60, with the gold trading 0.36% lower from yesterday’s close.
The pair is expected to find support at 1249.03, and a fall through could take it to the next support level of 1241.47. The pair is expected to find its first resistance at 1263.03, and a rise through could take it to the next resistance level of 1269.47.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
