Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.17% against the USD and closed at USD1259.50 per ounce, as weakness in the greenback and a slump in global equities increased the demand for the precious yellow metal.
In the Asian session, at GMT0300, the pair is trading at 1258.20, with the gold trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1254.23, and a fall through could take it to the next support level of 1250.27. 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 1267.87.
The yellow metal is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
