Gold Movement
On Friday Gold prices traded higher by 0.64% against the USD in the period ending 21:00GMT, at 1200.60 per ounce, after the PBoC in an unexpected move slashed its interest rates to boost the nation’s economic growth.
In the Asian session, at GMT0400, the pair is trading at 1200.30, with the gold trading marginally lower from Friday’s close.
The pair is expected to find support at 1188.40, and a fall through could take it to the next support level of 1176.50. The pair is expected to find its first resistance at 1209.90, and a rise through could take it to the next resistance level of 1219.50.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
