Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 1.16% against the USD and closed at USD1721.10 per ounce, amid weakness in the greenback and US equity markets.
In the Asian session, at GMT0300, the pair is trading at 1717.40, with gold trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 1701.20, and a fall through could take it to the next support level of 1685.00. The pair is expected to find its first resistance at 1731.30, and a rise through could take it to the next resistance level of 1745.20.
The yellow metal is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
