Gold Movement
Gold prices traded 0.55% higher against the USD in the 24-hour period ending 23:00GMT, at USD1271.90 per ounce, extending its previous session gains, amid a broad slump in global equity markets.
In the Asian session, at GMT0300, the pair is trading at 1269.70, with the gold trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 1261.27, and a fall through could take it to the next support level of 1252.83. The pair is expected to find its first resistance at 1276.27, and a rise through could take it to the next resistance level of 1282.83.
The yellow metal is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
