Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.90% against the USD and closed at USD 1655.20 per ounce, as the US dollar declined after initial jobless claims surged to a record high level.
In the Asian session, at GMT0400, the pair is trading at 1649.50, with gold trading 0.34% lower against the USD from yesterday’s close.
The pair is expected to find support at 1615.27, and a fall through could take it to the next support level of 1581.03. The pair is expected to find its first resistance at 1680.47, and a rise through could take it to the next resistance level of 1711.43.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
