Gold Movement
For the 24 hours to 23:00 GMT, Gold rose 0.61% against the USD and closed at USD1504.20 per ounce, amid hopes of monetary easing by major central banks.
In the Asian session, at GMT0300, the pair is trading at 1500.30, with gold trading 0.26% lower against the USD from yesterday’s close.
The pair is expected to find support at 1494.50, and a fall through could take it to the next support level of 1488.70. The pair is expected to find its first resistance at 1506.20, and a rise through could take it to the next resistance level of 1512.10.
The yellow metal is showing convergence with its 20 Hr and 50 Hr moving averages.
