Gold Movement
Gold prices traded 0.19% higher against the USD in the 24-hour period ending 23:00GMT, at $1247.60 per ounce, amid a broad weakness in the greenback and after the US Federal Reserve Chairwoman, Janet Yellen, gave few indications about timing of the next interest rate increase.
In the Asian session, at GMT0300, the pair is trading at 1246.6, with the gold trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1242.47, and a fall through could take it to the next support level of 1238.33. The pair is expected to find its first resistance at 1250.37, and a rise through could take it to the next resistance level of 1254.13.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
