Gold Movement
Gold prices traded higher by 0.20% against the USD in the 24-hour period ending 23:00GMT, at 1246.80 per ounce. However, the gains in gold prices were capped after the US Federal Reserve kept the door open for an interest rate hike in June this year.
In the Asian session, at GMT0300, the pair is trading at 1246, with the gold trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1238.53, and a fall through could take it to the next support level of 1231.07. The pair is expected to find its first resistance at 1254.03, and a rise through could take it to the next resistance level of 1262.07.
The yellow metal is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
